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2016 (2) TMI 1027 - ITAT MUMBAIBogus purchases - NP determination - Held that:- NP ratio of assessee has increased to 3.54 as against 2.58 in AY 2007-08. The NP ratio was not disputed by ld DR for the revenue. The Hon’ble Bombay High Court in CIT Vs Hariram Bhambhani [2015 (2) TMI 907 - BOMBAY HIGH COURT] held that revenue is entitled to bring the entire sales consideration to tax, but only the profit attributable on the total unrecorded sales consideration alone can be subject to income tax. Considering the above referred factual position and the decision of Co-ordinate Bench in assessee’s own case for AY 2010-11, we deem it appropriate to restrict the disallowance @ 10% of the impugned purchases. We order accordingly. - Decided partly in favour of assessee
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