Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 959 - AT - Income TaxEstimation of income - bogus purchases - estimations of profit embedded in accommodation entries of bogus purchases transactions @ 12.5% by CIT-A - HELD THAT:- CIT(A) restricted the estimation of profit embedded in accommodation entries of bogus purchases transactions @ 12.5% of the purchase price accounted in the bogus invoices and the same view was upheld as the fair profit rate out of the bogus purchases by various Courts and Tribunals. Estimation of profit is very much restricted to the benefit taken by the assessee by availing accommodation entries. In our considered view, the Ld. CIT(A) has adjudicated the issue and reached the conclusion to estimate the income @ 12.5% is proper and just. Therefore, we are inclined not to interfere with the findings of the Ld. CIT(A) and accordingly, grounds raised by the Department are hereby dismissed.
|