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2020 (11) TMI 342 - AT - Income TaxBogus purchases - addition to 12.5% - HELD THAT:- We find no reason to interfere with the order of Ld. first Appellate Authority. Evidently, the assessee was in possession of primary purchase documents and corresponding sales formed part of books of account. At the same time, notices issued u/s. 133(6) remained unserved and assessee failed to produce even a single party. Truly, there could not be any sale without actual purchase of material and therefore a presumption could be drawn that the material was purchased from the open market while invoices were procured from tainted suppliers. Therefore, estimating the additions @12.5% was quite fair and reasonable. Therefore finding no substance in the appeal, we dismiss the same.
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