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2016 (9) TMI 1562 - AT - Income TaxBogus purchases - disallowance sustained by the Ld.CIT(A) @17.5% - HELD THAT:- Findings recorded by the Ld.CIT(A), it is evident that total purchases were wrongly disallowed by the Assessing Officer. The Ld.CIT(A) took a reasonable view whereby the disallowance was sustained to the extent of estimated inflation in the amount of purchases made by the assessee. The disallowance sustained by the Ld.CIT(A) @17.5% of the purchases have been accepted by the assessee with a view to bury the litigation. Nothing has been brought before us by the Ld.DR to contradict the findings recorded by the Ld.CIT(A). The assessee’s counsel has also placed reliance upon case of CIT vs Nikunj Eximp Enterprises Pvt Ltd [2013 (1) TMI 88 - BOMBAY HIGH COURT] wherein similar issue has been decided on identical lines by the Hon’ble Bombay High Court. In our view, no intervention is required in the findings of Ld.CIT(A) and, therefore, the same is confirmed. The grounds raised by the revenue are dismissed.
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