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2017 (8) TMI 194 - HC - Income TaxDisallowances of bogus purchases - Tribunal adopting the gross profit rate of 8% as against 25% adopted by the CIT(Appeals) - Held that:- When additions are made on the basis of gross profit rates, a limited amount of estimation and gross work is always inbuilt. The assessee had pointed out that without the additions, the gross profit for the year under consideration was approximately 7%. The Tribunal therefore, did not commit any error in accepting the gross profit rate of 8% on the purchases which was otherwise found not genuine. No question of law arises. The disclosure of ₹ 61.05 lakhs made by the assessee in his statement pertained to the bogus purchases and was therefore rightly assessed by the Commissioner of Income Tax (Appeals) and the Tribunal - Decided against revenue
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