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2017 (6) TMI 1337 - HC - Income TaxEstimation of income - bogus purchases - assessee making unaccounted production out of its shown purchases and selling them through their sister concerns and showing bogus purchases in hand of that sister concern - HELD THAT:- Assessee, who is in the business of manufacturing polymer, was found to be making undisclosed sales. For the assessment year 2007-08, therefore, the Assessing Officer added a sum of ₹ 1.13 crores to the total income of the assessee by way of suppressed sale which was treated as unaccounted for undisclosed income of the assessee. In the appeal, the CIT(A) reduced the addition on the premise that not the entire unaccounted sale but only the profit element embedded in such sale can be brought to tax in the hands of the assessee. This issue was confirmed by the Tribunal relying on the judgement of this Court in case of Commissioner of Income Tax vs. President Industries [1999 (4) TMI 8 - GUJARAT HIGH COURT] We are in broadly agreement with the view of the Tribunal. No question of law arises
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