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2020 (3) TMI 474 - HC - Income TaxBogus purchases - CIT-A directed to estimate profit of 17.5% on the total alleged bogus purchases and thereafter, to delete the balance amount of addition - Tribunal concurred with the view taken by the CIT(A) that the Assessing Officer had erred in disallowing the entire total purchases and adding the same to the total income of the assessee - HELD THAT:- View taken by the CIT(A) that 17.5% of the purchases be added to the total income of the assessee as the profit element was a reasonable one. It was also noted that the said percentage was accepted by the assessee with a view to close the litigation. Nothing was brought on record by the Revenue to contradict the findings recorded by the CIT(A). Tribunal had also referred to the decision of this court in CIT Vs. Nikunj Eximp Enterprises Pvt. Ltd. 3 [2013 (1) TMI 88 - BOMBAY HIGH COURT] . Infact, this court has also held following the decision of Nikunj Eximp Enterprises Pvt. Ltd. that the revenue is required to furnish the information received from the Sales Tax Department or from the Investigation Wing of the Department to the assessee allowing the assessee to test the veracity of such information otherwise such information could not be relied upon. As decided in VAMAN INTERNATIONAL PVT. LTD. [2020 (2) TMI 464 - BOMBAY HIGH COURT] merely because the suppliers had not appeared before the Assessing Officer, no conclusion could be arrived at that the purchases were not made by the assessee - No error or infirmity in the finding returned by the Tribunal. - Decided against revenue
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