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2017 (5) TMI 1474 - HC - Income TaxAddition on account of bogus purchases - disallowed purchases be treated as ‘income from business’ OR ‘income from other sources - Held that:- The issues are squarely covered by the decision of this Court in the case of Commissioner of Income Tax vs. M/s Gems Paradise, Gulab Niwas, M.I. Road, Jaipur [2016 (11) TMI 1400 - RAJASTHAN HIGH COURT] as held considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax [2015 (4) TMI 1146 - SUPREME COURT] as held justification in disallowing 25% of the purchase price. Remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer
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