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2021 (1) TMI 685 - AT - Income TaxEstimation of income - Bogus purchases - CIT(A) upholding only 30% addition - HELD THAT:- The assessee had filed all relevant details like copies of bills, bank statements and delivery challans. Having considered the above, we are of the considered view that the Ld. CIT(A) has rightly brought to tax the profit element embedded in such disputed purchases by estimating @ 30%. In the case of CIT vs. Simit P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] has held that where purchases were not bogus but were made from parties other than those mentioned in the books of account, not entire purchase price but only profit element embedded in such purchases can be added to income of the assessee. That being the position, not the entire purchase price but only the profit element embedded in such purchases can be added to the income of the assessee. - Decided against revenue.
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