Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 1269 - AT - Income TaxAddition u/s 69C - Bogus purchases - Held that:- Making the entire bogus purchases as addition u/s 69C is no longer sustainable in law considering the the Bombay High Court Judgment in the case of Nikunj Eximp Enterpries P Ltd (2013 (1) TMI 88 - BOMBAY HIGH COURT) and Gujrath High Court Judgment in the case of CIT vs. Simit P Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] wherein restricting the addition to GP rate of 12.50% is approved. Accordingly I order and direct the Assessing Officer to restrict the disallowance to only 12.50% of the sum of ₹ 1,930/-. Accordingly, grounds raised by the assessee are partly allowed.
|