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2016 (12) TMI 1630 - AT - Income TaxN.P. determination - disallowance made @ 15% of total purchase - Held that:- As perused the material available on record and gone through the orders of the authorities below in our considered opinion, the same issue of supplying of waste-paper to papermills in case of various assessees have been considered by ld. CIT(A). Similar issue has been upheld by ITAT in the case of Tayab Yunus Barudgar [2016 (5) TMI 1288 - ITAT AHMEDABAD] we see no infirmity in the order of ld. CIT(A) deleting the disallowance made @ 15% of total purchase and directed the learned assessing officer to adopt Net Profit at the rate of 2% of the turnover for determining the taxable income in the case of the appellant.
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