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2017 (12) TMI 1480 - AT - Income TaxReopening of assessment - bogus purchases so made by the assessee at 12.5%. - Held that:- As found form record that factum of assessee having taken bills from bogus supplier, who did not supplied any goods to assessee had been established as per detailed inquiries conducted by AO. Under these facts and circumstances after considering various judicial pronouncements to the facts of instant case, the CIT(A) has upheld the addition to the extent of 10% of GP on the bogus purchases in place of 12.5% as estimated by the AO. Nothing was placed before so as to persuade me to deviate from the findings of CIT(A) for estimating profit at 10% in place of profit of 12.5% as shown by the AO. Accordingly, do not find any reason to interfere in the order of CIT(A). - Decided against assessee. Also as reopening was made on the basis of information from Sales Tax Department and DGIT (Investigation), Mumbai. As per the reasons recorded for reopening, upheld the reopening of assessment.
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