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2020 (1) TMI 1210 - AT - Income TaxEstimation of income - bogus purchases - CIT-A restrict the gross profit percentage of 23% on value of alleged purchases - HELD THAT:- We find that this Tribunal has been holding consistently in respect of the industry in which assessee is engaged in that the adoption of profit of 12.5% would be just and reasonable. Since the assessee has not preferred any appeal before this Tribunal against the action of the ld. CIT(A), the adoption of gross profit at 23% by the ld. CIT(A) is much more than the profit percentage adopted by this Tribunal in several cases at 12.5%. In view of these peculiar circumstances, the order of the ld. CIT(A) does not warrant any interference. Accordingly, the grounds raised by the revenue are dismissed.
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