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2023 (5) TMI 1176 - AT - Income TaxBogus purchases - estimation of income - Sales Tax Department has proved beyond doubt that the parties declared as hawala traders were involved in providing accommodation entry of purchases and the assessee was one of the beneficiary - as per CIT only profit percentage has to be added and estimated @ 6% of bogus purchases - HELD THAT:- We find the Jurisdictional Hon’ble High Court in the case of Pooja Paper Trading Co. [2019 (3) TMI 62 - BOMBAY HIGH COURT] and Simit P Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] has considered the profit element and the income was estimated. CIT(A) took a reasonable view that the only profit percentage has to be added and estimated @ 6% of bogus purchases. DR could not controvert the findings of the CIT(A) with any new cogent evidence and material to take a different view. CIT(A) dealt on the facts and considered the profit element in the bogus purchases and also the A.O has not disputed the sales - Decided against revenue.
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