Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 2108 - AT - Income TaxEstimation of income - bogus purchases - AO estimated undisclosed profit @ 15% on the alleged aggregate bogus purchases - As per CIT-A against this GP margin of 15% the AO is directed to allow a set off of the GP margin already disclosed by Erse assessee in the books in respect of the alleged bogus purchases from two parties - HELD THAT:- As found from record that bogus purchases so made by the assessee were established and the AO has also made detailed enquiry. After considering the assessee’s contention regarding corresponding sales, the CIT(A) has also given further relief by directing the AO to reduce GP earned on such bogus purchases from the estimated profit of 15% on the alleged bogus purchases. The detailed finding so recorded by CIT(A) after considering various judicial pronouncements are as per material on record and do not require any further interference on our part. - Decided against assessee.
|