New User/ Regiser
Our 10 Services are Free
Register to get Live Demo
2017 (9) TMI 520 - AT - Income Tax
Purchases from Bogus suppliers - AO reopened the assessment - genuineness of suppliers not proved as no goods are supplied - AO made additions of entire amount u/s 69C - Various documents submitted by assessee like PAN Card , Balance Sheet, Bank St. etc - CIT(A) restricted the addition in respect of only profit earned to extent 12.5% for AY 2009-10, AY 2011-12, AY 2012-13 and in AY 2010-11 the same is restricted to 20% - Various judicial pronouncements relied on by CIT(A), that the purchases were not bogus, but were made from parties other than those mentioned in books of accounts, only the profit element embedded in such purchases could be added to the assessee's income and as such no question of law arose in such estimation.-All appeals are dismissed.