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2019 (6) TMI 1718 - AT - Income TaxEstimation of income - bogus purchases - purchase from the grey market - quantification of the profit element embedded in making of such bogus/unsubstantiated purchases - HELD THAT:- As decided in M. Haji Adam & Co. [2019 (2) TMI 1632 - BOMBAY HIGH COURT] the addition in respect of bogus purchases is to be limited to the extent of bringing the gross profit rate on such purchases at the same rate as of other genuine purchases Thus we set aside the matter to the file of the assessing officer with the direction to restrict the addition as regards the bogus purchases by bringing the gross profit rate on such bogus purchases at the same rate as that of the other genuine purchases - Appeals by the assessee allowed for statistical purposes.
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