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2018 (4) TMI 1217 - AT - Income TaxAddition on account of bogus purchases - CIT(A) restricted the addition to the extent of 12.5% - Held that:- In respect of the goods purchased from Sai International and sold by the assessee, the assessee had shown GP rate 0.15%, however, in respect of purchases other than from Sai International, the assessee has disclosed same GP of 0.15%. Thus, it is not the case where assessee has shown lower G.P. in respect of alleged bogus purchases. In the immediately preceding Assessment Year, the GP shown by the assessee on the entire sale was 0.14%. Thus, it is clear that GP shown by the assessee during the year under consideration is better than the GP shown in the immediately preceding Assessment year. Thus we modify the order of lower authorities and direct the AO to upheld addition of 2% of bogus purchases. - Decided partly in favour of assessee
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