Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 651 - AT - Income TaxSuppressed profit on account of bogus transaction - bogus purchases - lorry receipts were not produced - best judgment assessment - Held that:- The restriction of disallowance to 12.5% of the bogus purchases as was done by learned CIT(A) towards embedded profits in obtaining inflated bills from these alleged bogus dealers while actual material was sourced from some other sources is a fair and reasonable estimate which is a plausible view taken by learned CIT(A) and we are not inclined to interfere with the same. Under these circumstances, some estimates has to be made but the same has to be fair and honest. In our view, the view taken by learned CIT(A) in its appellate order is a plausible view and estimates made by the learned CIT(A) could not be said to be not an honest or fair estimate. The assessee has also not filed any appeal against the appellate order of the ld. CIT(A) which is accepted by the assessee and the same has attained finality so far as the assessee is concerned . Based on our above discussions and reasoning, we are not inclined to interfere with the appellate order of learned CIT(A) which we confirm/affirm. Revenue fails in this appeal. We order accordingly.
|