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2023 (7) TMI 338 - AT - Income TaxEstimation of income - Addition u/s 69C - bogus purchases - non rejecting of books of accounts - HELD THAT:- Profit made by the assessee in this case i.e. by procuring the goods at a discounted value from the open/grey market can safely be determined by bringing the G.P rate of such bogus purchases at the same rate as that of the other genuine purchases. Thus, restore the matter to the file of the A.O, with a direction to him to restrict the addition in the hands of the assessee qua the impugned bogus/unverified purchases by bringing the GP rate of such bogus purchases at the same rate as that of the other genuine purchases. Appeal of the assessee is allowed for statistical purposes
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