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2021 (4) TMI 328 - AT - Income TaxEstimation of income - bogus purchases - CIT-A restricted addition @12.5% of value - AR before us stated that out of the total purchases made by the assessee, only the miniscule portion was found to be bogus which works out to hardly 0.7% approximately - HELD THAT:- Since the sales made out of alleged purchases had not been doubted by the Revenue, then only profit element could be brought to tax thereon. This profit element has been reasonably estimated by the ld. CIT(A) @12.5% by placing reliance on the decision of CIT vs. Simit P Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] on which we do not find any infirmity and hence, we are not inclined to interfere in the same. Accordingly, the grounds raised by the Revenue are dismissed.
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