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2020 (1) TMI 1144 - HC - Income TaxBogus purchases - estimated dis-allowance of 5% alleged bogus purchases - HELD THAT:- The assessee had declared 7.31% towards profit on such alleged bogus purchases. The Tribunal took a view that in view of the profits already declared in the alleged bogus purchases in the vicinity of 7% and an estimated dis-allowance of 5% alleged bogus purchases over and above the profits already declared would cover possible suppression in profits and will balance the equity. The Tribunal also relied upon the decision of this Court in the case of CIT V/s Bholanath Poly Fab Pvt. Ltd. [2013 (10) TMI 933 - GUJARAT HIGH COURT] We should not interfere with the impugned order passed by the Tribunal as the view taken by the Tribunal is quite reasonable.
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