Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 478 - AT - Income TaxEstimation of income on Bogus purchases - AO concluded that assessee has failed to discharge its onus to prove that it had purchased diamonds - assessee had not actually made purchases of diamonds from the above mentioned concern but merely obtained bills from this concern to inflate its purchases by paying commission as stated by Shri Bhanwarlal M. Jain, in their statements recorded - HELD THAT:- We note that the issue raised in the Revenue’s appeal and assessee’s cross appeal, is squarely covered by the judgment in the case of Pankaj K. Chaudhary, [2021 (10) TMI 653 - ITAT SURAT] wherein it was held that addition @ 6% of bogus purchases are quite reasonable. We direct the AO to make the addition at the rate of 6% of bogus purchases.
|