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2023 (9) TMI 1225 - HC - Income TaxEstimation of income - bogus purchases - information received from the Investigation Wing which stated that assessee was one of the beneficiaries of bogus purchase bills obtained through hawala operators - HELD THAT:- ITAT as relying on case of Vijay Proteins Ltd. [2015 (1) TMI 828 - GUJARAT HIGH COURT] and also Smith P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] and held that no uniform yardstick can be applied for estimating gross profit on bogus purchases which is depending upon the facts of different cases. ITAT held that the Co-ordinate Bench in number of cases has taken a consistent view and directed AO to estimate gross profit of 12.5% on alleged bogus purchases and therefore, in the case at hand also directed AO to estimate gross profit at 12.5% on the bogus purchases. Thus view taken by the ITAT is a reasonable and possible view and hence, no substantial question of law arises
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