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2023 (1) TMI 849 - AT - Income TaxEstimation of income - bogus purchases - CIT(A) restricting the addition to the extent of profit percentage embedded in the value of disputed purchases @12.5% - HELD THAT:- AR had placed on record the copy of the decision of this Tribunal in the case of Shri Prateek Gupta [2019 (9) TMI 1067 - ITAT MUMBAI] - AR also stated that Shri Prateek Gupta is a relative of the assessee. In the said order, this Tribunal under similar facts and circumstances, by considering the profit percentage earned by the assessee on disputed purchases as well as the overall purchases, had estimated the profit percentage to 2% of value of disputed purchases. AR before us also placed on record the statement showing gross profit earned by the assessee in percentage terms both on disputed purchases and overall purchases for the A.Y. 2009-10 and 2010-11. As the factual matrix is exactly identical with the facts prevailing in the case of Shri Prateek Gupta we direct the ld. AO to estimate the profit percentage at 2% of value of disputed purchases. Accordingly, the grounds raised by the assessee as well as by the Revenue are disposed of in the above mentioned manner.
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