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2022 (7) TMI 1091 - HC - Income TaxEstimation of income - Bogus purchases - ITAT upheld the addition estimated based upon estimated profit at the rate of 12.5% on the total purchases in question - HELD THAT:- We are of the opinion that the view expressed by the Tribunal in upholding the order passed by the learned CIT(A), cannot be said to be in any manner perverse or legally untenable, inasmuch as, if the entire amount were to be held as non-genuine purchases, then it would not be possible to justify as to how the works allotted to the assessee for execution by the semi Government Agencies could be completed. Therefore the argument that the entire amount ought to have been added to the income of the assessee is untenable, especially when the learned CIT(A) in its order as upheld by the Tribunal in the order impugned held that the purchases per se were not in dispute but the parties from whom the purchases are shown to have been made are disputed. The order passed by the Tribunal is legally valid warranting no interference.
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