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2016 (11) TMI 885 - AT - Income TaxAddition as profit on purchases - Held that:- Assessee actually made the purchases from third parties and the invoices being inflated was the conclusion of the learned CIT(A) and accordingly addition was sustained by the learned CIT(A). It has not been brought on record that the Revenue has filed any appeal with the tribunal against the decision of learned CIT(A). The Revenue has accepted the profit rate of 10.43% earned by the assessee in the preceding year, while in the instant year the net profit rate was 9.22%. The turnover in the instant year is ₹ 90,70,063/- . Hence in our considered view , interest of justice will be best served keeping in view factual matrix of the case if the additions to the extent are made to the income of the assessee to make the profit comparable with that of the preceding year of 10.43%. We order accordingly.
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