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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 09.02.2017 and pertains to assessment year 2010- 2011.
In this appeal, the assessee is aggrieved by the confirmation of 12.5% minus gross profit out of bogus purchases.
I have heard both the Counsel and perused the records. The learned Counsel of the assessee submitted that he shall be agreeing to the order of learned CIT(A). 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