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2017 (11) TMI 1204 - AT - Income TaxAddition u/s 69C on account of bogus purchases - profit estimation - Held that:- There is no basis on the part of the Ld. CIT(A) of estimating the profit rate by adopting the gross profit rate @ 7.86% in the case of a transaction in which the genuineness is not proved by the assessee. In view of the above, we set aside the order of the Ld. CIT(A) and restore the matter to the file of the AO to make a fresh assessment in the light of our observation hereinbefore after giving opportunity to the assessee to cross-examine the concerned parties. We also direct the assessee to file the relevant documents/evidence before the AO. Needless to say the AO would give reasonable opportunity of being heard to the assessee before finalizing the assessment order.In the result the appeal is allowed for statistical purposes.
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