2023 (1) TMI 521 - AT - Income Tax
Bogus Purchases - Estimation of income - HELD THAT:- We note that concise and summarized ground no.1 of Revenue is covered by the judgment of the Co-ordinate Bench in the case of Pankaj K. Chaudhary [2021 (10) TMI 653 - ITAT SURAT] Hence, respectfully following the judgment of co-ordinate Bench, we direct the Assessing Officer to sustain the addition at the rate of 6% of bogus purchases.
Addition on account of unrecorded commission - HELD THAT:- We note that findings of ld CIT(A) states that such additions has been made merely on presumption that the assessee must have paid commission to accommodation entry provider. The assessing officer has not proved with cogent evidence that assessee has paid commission, hence such addition is not sustainable in the eye of law. Therefore, we note that conclusions arrived at by the CIT(A) are, therefore, correct and admit no interference by us. We, approve and confirm the order of the CIT(A) and dismiss the ground raised by the Revenue.