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2018 (6) TMI 1799 - AT - Income TaxEstimation of Income - Bogus purchases - CIT-A Restrict disallowance @ 12.5% of total purchase - HELD THAT:- So far as the genuineness of the transaction is concerned, we are satisfied upon the method and manner applied by the Ld. CIT(A) in coming to the conclusion on the basis of the content of the remand report, other evidences and specially on the bank statement of the suppliers which was, in fact, obtained by the AO himself and we thus declined to interfere with the same. The appeal preferred by the Revenue on this ground is dismissed. As relying on GUJARAT AMBUJA EXPORT LTD VERSUS ASSTT COMMISSIONER OF INCOME TAX [2013 (9) TMI 198 - ITAT AHMEDABAD] we think it fit to modify the order passed by the Ld. CIT(A) by disallowing 5% from 12.5% as made. Appeal of assessee is partly allowed.
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