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2024 (1) TMI 489 - AT - Income TaxEstimation of income - bogus purchases - HELD THAT:- In the case of Haji Adam [2019 (2) TMI 1632 - BOMBAY HIGH COURT] it is observed that corresponding sales were not doubted and quantitative details of bogus purchase and sales was duly submitted to indentify the sales corresponding to the bogus purchases and identify the amount of the profit earned in the case of every transaction of bogus purchases. Assessee was asked to file details of the sales corresponding to the bogus purchases, however he submitted that said details were not currently available and therefore, he requested that matter might be sent back to the file of the AO for deciding in the issue in dispute relying on the decision of the Mohammad Haji Adam & Co. [2019 (2) TMI 1632 - BOMBAY HIGH COURT] Accordingly, we feel it appropriate to restore this issue back to the file of the AO with the directions to identify the sales corresponding to the bogus purchases and compute the gross profit earned in each transaction of the sale of the bogus purchases and wherever the gross profit on transaction of sale corresponding to bogus purchases is found to be less than the gross profit on the genuine purchases, then he may make addition for the corresponding amount of deficiency of gross profit. Appeal filed by the assessee is allowed for statistical purposes.
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