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2023 (7) TMI 127 - AT - Income TaxEstimation of income - Bogus purchases - addition of 12.5% made by AO - HELD THAT:- As considering prevalent gross profit in the business of ferrous and non ferrous metal trading which is to the tune of 5% to 8%, the addition made by the AO @ 12.5% of the bogus purchases appears to be fair and reasonable. Assessee has candidly admitted that addition @ 12.5% of the bogus purchases made by the AO may be upheld. So in view of the matter, the impugned order passed by the Ld. CIT(A) is hereby set aside and the order passed by the AO making the addition @ 12.5% of the bogus purchases is restored. Consequently, the appeal filed by the assessee is partly allowed.
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