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2021 (6) TMI 349 - AT - Income TaxEstimation of income - bogus purchases - as per CIT-A profit element embedded in these transactions was to be brought to tax. The estimation was made @12.68% which was nothing but Gross Profit rate shown by the assessee during the year - HELD THAT:- We find that the Sales Turnover was not in doubt and there could be no sale without actual purchase of material keeping in view the assessee's nature of business. The facts of the case made it a fit case to estimate the profit element embedded in these transactions. The Ld. CIT(A), after due consideration of assessee's submissions as well as material on record, estimated the additions @12.68% which is more than enough to take care of the leakage of revenue. Therefore, the estimation could not be termed as unjustified, in any manner. Finding no reason to interfere in the impugned order, we dismiss the appeal.
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