2021 (8) TMI 1452

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....s appeal is filed by the assessee against order of the Learned Commissioner of Income Tax (Appeals)-30, Mumbai [hereinafter in short "Ld. CIT(A)"] dated 29.08.2019 for the A.Y. 2011-12 in enhancing the purchases to the extent of 100% of Rs.. 3,56,39,674/- as against 12.5% of the alleged non-genuine purchases made by the Assessing Officer. 2. Briefly stated the facts are that, assessee an indivi....

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....de from various dealers as referred in Assessment Order. In response assessee furnished copies of stock register and bank statements and submitted that the purchases made are genuine. Assessee further submitted that the payments are made through account payee cheques as such contended that all the purchases are genuine. However, parties were not produced before the Assessing Officer. 3. Not con....

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....u/s. 251(1)(c) of the Act. Against this order of the Ld. CIT(A) assessee is in appeal. 4. Inspite of issue of notice none appeared on behalf of assessee nor any adjournment was sought. Thus, I proceed to dispose of this appeal on hearing Ld. DR on merits. 5. Ld. DR vehemently supported the orders of the authorities below. 6. Heard Ld. DR, perused the orders of the authorities below. It is....

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....the view of the lower authorities that there should be an estimation of profit element from these purchases and should be estimated reasonably as the assessee could not conclusively prove that the purchases made are from the parties as claimed, especially in the absence of any confirmations from them. Taking the totality of facts and circumstances, keeping in view the nature of business of the ass....