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2019 (5) TMI 1732 - AT - Income TaxBogus purchases - CIT-A applying the profit rate at 12.5% of the bogus purchase - HELD THAT:- We have considered the rival contentions and are of the view that Hon’ble Bombay High Court in the case of Mohammad Haji Adam & Co. and Ors. [2019 (2) TMI 1632 - BOMBAY HIGH COURT] has considered this issue and respectfully following the same, we direct the AO to restrict the profit rate only to the extent of differential percentage as declared on the bogus purchases and as declared on the regular purchases. Hence, we direct the AO accordingly. Appeal of assessee is partly allowed.
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