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2019 (2) TMI 698 - ITAT MUMBAIBogus purchases - addition u/s 69C - addition made @12.5% of the alleged bogus purchases - profit estimation - Held that:- there cannot be any sale without purchases, therefore, only option available with us to estimate the profit. Taking a shelter from the aforementioned judicial pronouncements, and since, the assessee has already declared gross profit more than 9% in both the Assessment Years, therefore, we deem it appropriate to estimate the profit @ 11% in place of 12.5% estimated by the Ld. Commissioner of Income Tax (Appeal). Thus, both the appeals of the assessee are partly allowed.
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