Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1263 - AT - Income TaxBogus purchases - Addition made on account of purchases from the hawala parties - CIT(A) restricting the addition to 10% of total hawala purchases - GP addition - Held that:- Tribunal in assessee’s own case said where the assessee had sought copies of statements recorded or any other evidence in respect of such hawala parties, which were not supplied to the assessee, then no addition is warranted in the hands of assessee in respect of said purchases from the said parties. The Assessing Officer had failed to provide the statements or evidence in respect of purchases to the extent of ₹ 41,54,454/-. Accordingly, we hold that no addition is to be made in this regard. However, in respect of the impugned purchases to the extent of ₹ 14,59,082/-, where the copies of statements were provided to the assessee, then addition is to be restricted by applying GP rate of 10% on the said purchases over and above the GP rate shown by the assessee. Accordingly, appeal filed by the assessee is partly allowed
|