Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (6) TMI 257 - HC - Income TaxBogus Purchase - amount to be added in the income - held that:- being one of only purchase but not from disclosed sources, it would be only the profit element embodied in such purchase which could be added in the income of the assessee and, thus, rightly so done by the Commissioner (Appeals) and the Tribunal. The only question arises whether such profit element should be estimated at the rate of 30 per cent. or 12.5 per cent. Whenever such a question arises, some reasonable estimation is always permissible. Hardly any question of law on such aspect would arise. Merely, it is pointed out that the assessee was a trader and that the Tribunal retained 12.5 percent of the purchase towards its possible profit, we do not find any reason to entertain the appeal. - Decided against the revenue.
|