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Income Tax Appellate Tribunal, MUMBAI BENCHES “SMC”, MUMBAI
Before: Shri Shamim Yahya
O R D E R This appeal by the assessee is directed against the order of learned CIT (Appeals) dated 30.11.2016 and pertains to assessment year 2009- 2010.
In this appeal, the assessee is aggrieved by the confirmation of 100% out of bogus purchases.
I have heard both the Counsel and perused the records. The learned Departmental Representative referred to the decision of Hon’ble Gujarat High Court in the case of N.K.Industry v. DCIT [IT Appeal No.240 of 2003 dated 20.06.2016] wherein the Hon’ble Gujarat High Court had held that 100% out of bogus purchases should be added instead of 25% allowed by the ITAT.