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2019 (2) TMI 1459 - ITAT MUMBAIEstimation of profit on bogus purchases - profit element was directed to be computed @ 8% by CIT-A - HELD THAT:- The statement of Shri Bhavarlal jain was recorded during the course of search, wherein, he admitted that he provided accommodation entries of bogus purchases including the present assessee. The assessee was asked to produce necessary details. No details were filed by the assessee nor the party was produced for verification in spite of repeated opportunities. Considering the factual matrix, the profit on such bogus purchases was calculated @ 12.5% by the ld. Assessing Officer. On appeal before the CIT (Appeal), various decisions were considered and finally, the profit element was directed to be computed @ 8%, which is under challenged before this Tribunal. No infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeal), because, he has already taken a reasonable view considering various decisions, including the decision M/s Dhadda Gems Ltd. [2017 (6) TMI 65 - ITAT MUMBAI] - Decided against assessee.
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