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2020 (1) TMI 992 - AT - Income TaxBogus purchases - CIT- A estimated profit from Hawala purchases by disallowing only 12.5% of the bogus purchases - HELD THAT:- CIT(A) has decided the matter of controversy on the basis of the decision of Hon’ble Bombay High Court in the case of CIT Vs. Nikunj Eximp Enterprises Pvt, Ltd. [2013 (1) TMI 88 - BOMBAY HIGH COURT] and CIT Vs. Simit P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] and CIT Vs. Bholanath Poly Fab (P) Ltd. [2013 (10) TMI 933 - GUJARAT HIGH COURT] . The CIT(A) has also gone through the case and restricted the bogus purchase to the extent of 12.5% of ₹ 1,97,383/- i.e.24,672/-. However, at the time of argument, the Ld. Representative of the assessee has no objection to restrict the addition to the extent of 12.5% of the bogus purchase. Anyhow, on seeing the facts and circumstances, it seems quite justifiable to restrict the addition to the extent of 12.5% of the bogus purchase. We nowhere found any illegality and infirmity in the order passed by CIT(A) in question. - decided against revenue
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