M/S ROSHAN METAL INDUSTRIES,MUMBAI vs. ITO 16(3)(4), MUMBAI

At the time of hearing, none appeared for assessee. However, the material on record was sufficient for disposal of the appeal. The Ld. DR pleaded for dismissal of appeal. The assessee being resident firm is stated to be engaged in trading of metals.

The case was reopened pursuant to receipt of certain information from Sales Tax Department, Maharashtra on the basis of which it was alleged that the assessee made suspicious purchases of Rs.58.29 Lacs from 13 entities as detailed in para 5.1 of the order. Notices issued u/s 133(6) to these suppliers did not elicit any satisfactory response. The assessee furnished copies of purchase invoices, bank statements evidencing payment through banking channels, stock register, quantitative details etc. However, not convinced, relying upon the decision of Hon’ble Gujarat High Court in CIT V/s Simit P. Sheth (356 ITR 451), Ld. AO estimated addition of 12.5% and added the same to the income of the assessee.

During appellate proceedings, the assessee did not appear before Ld. CIT(A). After going through findings of Ld. AO in the impugned order, Ld. CIT(A) concurred that the estimation was quite fair and reasonable. Still aggrieved, the assessee is in further appeal before us.

After going through the orders of lower authorities, we find that Ld. AO has passes well reasoned and speaking order in the light of assessee’s submissions as well as documentary evidences. In the absence of any new material before us, we see no reason to deviate from the orders of lower authorities and therefore, dismiss the appeal.

The appeal stands dismissed. Order pronounced on 02nd September, 2021. (C. N. Prasad) (Manoj Kumar Aggarwal) न्याययक सदस्य / Judicial Member लेखा सदस्य / Accountant Member