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2017 (10) TMI 236 - ITAT MUMBAIBogus purchases - addition at 4% of the purchases by CIT-A as against 8% of the purchases treated as non-genuine/bogus by the Assessing Officer - Held that:- In the absence of delivery challans, proper stock records and based on the depositions of the suppliers that they have provided only accommodation bills, the Assessing Officer has rightly concluded that the assessee has obtained only bogus bills and assessee might have purchased goods in gray market. We do not see any valid reason to interfere with the findings and the decision arrived at by the Ld.CIT(A) in estimating the Gross Profit at 4% of the bogus purchases as against 8% estimated by the Assessing Officer. Thus, we uphold the order of the Ld.CIT(A) for all these Assessment Years i.e. 2010-11, 2011-12 and 2012-13. - Decided against assessee.
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