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2013 (10) TMI 1028 - HC - Income Tax


  1. 2024 (7) TMI 793 - HC
  2. 2024 (2) TMI 890 - HC
  3. 2023 (9) TMI 1225 - HC
  4. 2023 (8) TMI 770 - HC
  5. 2023 (7) TMI 515 - HC
  6. 2023 (7) TMI 285 - HC
  7. 2020 (3) TMI 474 - HC
  8. 2020 (4) TMI 490 - HC
  9. 2016 (6) TMI 1048 - HC
  10. 2015 (7) TMI 951 - HC
  11. 2024 (10) TMI 1476 - AT
  12. 2024 (9) TMI 645 - AT
  13. 2024 (9) TMI 481 - AT
  14. 2024 (9) TMI 1117 - AT
  15. 2024 (7) TMI 1285 - AT
  16. 2024 (6) TMI 1364 - AT
  17. 2024 (6) TMI 573 - AT
  18. 2024 (6) TMI 643 - AT
  19. 2024 (4) TMI 405 - AT
  20. 2024 (4) TMI 91 - AT
  21. 2024 (3) TMI 1012 - AT
  22. 2024 (4) TMI 190 - AT
  23. 2024 (3) TMI 1320 - AT
  24. 2024 (4) TMI 87 - AT
  25. 2024 (3) TMI 1199 - AT
  26. 2024 (2) TMI 1038 - AT
  27. 2024 (6) TMI 858 - AT
  28. 2024 (1) TMI 489 - AT
  29. 2024 (1) TMI 485 - AT
  30. 2023 (12) TMI 1084 - AT
  31. 2023 (11) TMI 285 - AT
  32. 2023 (12) TMI 95 - AT
  33. 2023 (11) TMI 283 - AT
  34. 2024 (2) TMI 744 - AT
  35. 2024 (5) TMI 340 - AT
  36. 2023 (6) TMI 1122 - AT
  37. 2023 (5) TMI 1176 - AT
  38. 2023 (7) TMI 162 - AT
  39. 2023 (5) TMI 70 - AT
  40. 2023 (4) TMI 577 - AT
  41. 2023 (3) TMI 1484 - AT
  42. 2023 (2) TMI 1202 - AT
  43. 2023 (5) TMI 779 - AT
  44. 2022 (12) TMI 1160 - AT
  45. 2022 (11) TMI 941 - AT
  46. 2022 (12) TMI 1077 - AT
  47. 2022 (11) TMI 133 - AT
  48. 2022 (10) TMI 419 - AT
  49. 2022 (9) TMI 972 - AT
  50. 2022 (9) TMI 831 - AT
  51. 2022 (8) TMI 1019 - AT
  52. 2022 (8) TMI 352 - AT
  53. 2022 (8) TMI 947 - AT
  54. 2022 (8) TMI 942 - AT
  55. 2022 (7) TMI 1260 - AT
  56. 2022 (7) TMI 791 - AT
  57. 2022 (7) TMI 1324 - AT
  58. 2022 (7) TMI 1290 - AT
  59. 2022 (6) TMI 404 - AT
  60. 2022 (5) TMI 947 - AT
  61. 2022 (4) TMI 230 - AT
  62. 2022 (3) TMI 1343 - AT
  63. 2022 (3) TMI 1196 - AT
  64. 2022 (3) TMI 475 - AT
  65. 2022 (3) TMI 67 - AT
  66. 2022 (2) TMI 43 - AT
  67. 2022 (1) TMI 528 - AT
  68. 2021 (12) TMI 924 - AT
  69. 2021 (12) TMI 725 - AT
  70. 2021 (12) TMI 497 - AT
  71. 2021 (12) TMI 400 - AT
  72. 2021 (11) TMI 1080 - AT
  73. 2021 (11) TMI 361 - AT
  74. 2021 (10) TMI 1151 - AT
  75. 2021 (10) TMI 1437 - AT
  76. 2021 (12) TMI 50 - AT
  77. 2021 (10) TMI 828 - AT
  78. 2021 (10) TMI 652 - AT
  79. 2021 (10) TMI 726 - AT
  80. 2021 (9) TMI 1384 - AT
  81. 2021 (12) TMI 202 - AT
  82. 2021 (10) TMI 825 - AT
  83. 2021 (9) TMI 406 - AT
  84. 2021 (9) TMI 1116 - AT
  85. 2021 (9) TMI 1161 - AT
  86. 2021 (11) TMI 998 - AT
  87. 2021 (8) TMI 1261 - AT
  88. 2021 (10) TMI 261 - AT
  89. 2021 (7) TMI 1194 - AT
  90. 2021 (7) TMI 1193 - AT
  91. 2021 (7) TMI 1191 - AT
  92. 2021 (8) TMI 845 - AT
  93. 2021 (7) TMI 1382 - AT
  94. 2021 (7) TMI 7 - AT
  95. 2021 (6) TMI 577 - AT
  96. 2021 (6) TMI 349 - AT
  97. 2021 (6) TMI 318 - AT
  98. 2021 (6) TMI 314 - AT
  99. 2021 (6) TMI 70 - AT
  100. 2021 (5) TMI 913 - AT
  101. 2021 (5) TMI 762 - AT
  102. 2021 (5) TMI 251 - AT
  103. 2021 (5) TMI 118 - AT
  104. 2021 (6) TMI 267 - AT
  105. 2021 (5) TMI 299 - AT
  106. 2021 (5) TMI 297 - AT
  107. 2021 (5) TMI 296 - AT
  108. 2021 (8) TMI 556 - AT
  109. 2021 (4) TMI 484 - AT
  110. 2021 (3) TMI 785 - AT
  111. 2021 (3) TMI 564 - AT
  112. 2021 (3) TMI 659 - AT
  113. 2021 (3) TMI 513 - AT
  114. 2021 (4) TMI 375 - AT
  115. 2021 (4) TMI 290 - AT
  116. 2021 (3) TMI 1043 - AT
  117. 2021 (3) TMI 874 - AT
  118. 2021 (3) TMI 761 - AT
  119. 2021 (4) TMI 328 - AT
  120. 2021 (2) TMI 1014 - AT
  121. 2021 (4) TMI 324 - AT
  122. 2021 (4) TMI 663 - AT
  123. 2021 (4) TMI 434 - AT
  124. 2021 (3) TMI 15 - AT
  125. 2021 (2) TMI 711 - AT
  126. 2021 (2) TMI 356 - AT
  127. 2021 (3) TMI 150 - AT
  128. 2021 (2) TMI 351 - AT
  129. 2021 (1) TMI 1002 - AT
  130. 2021 (3) TMI 505 - AT
  131. 2021 (2) TMI 1007 - AT
  132. 2021 (4) TMI 235 - AT
  133. 2021 (2) TMI 65 - AT
  134. 2021 (2) TMI 27 - AT
  135. 2021 (1) TMI 685 - AT
  136. 2021 (2) TMI 1128 - AT
  137. 2021 (3) TMI 314 - AT
  138. 2021 (3) TMI 313 - AT
  139. 2021 (2) TMI 779 - AT
  140. 2021 (1) TMI 1067 - AT
  141. 2020 (12) TMI 988 - AT
  142. 2021 (1) TMI 943 - AT
  143. 2021 (1) TMI 875 - AT
  144. 2020 (12) TMI 1398 - AT
  145. 2021 (1) TMI 729 - AT
  146. 2021 (1) TMI 1063 - AT
  147. 2020 (11) TMI 904 - AT
  148. 2020 (11) TMI 816 - AT
  149. 2020 (12) TMI 968 - AT
  150. 2021 (1) TMI 280 - AT
  151. 2020 (11) TMI 521 - AT
  152. 2021 (1) TMI 9 - AT
  153. 2020 (11) TMI 416 - AT
  154. 2020 (11) TMI 342 - AT
  155. 2020 (11) TMI 739 - AT
  156. 2020 (12) TMI 1113 - AT
  157. 2021 (1) TMI 41 - AT
  158. 2020 (11) TMI 604 - AT
  159. 2020 (12) TMI 1185 - AT
  160. 2020 (11) TMI 697 - AT
  161. 2020 (12) TMI 212 - AT
  162. 2020 (11) TMI 404 - AT
  163. 2020 (11) TMI 256 - AT
  164. 2020 (11) TMI 167 - AT
  165. 2020 (10) TMI 1008 - AT
  166. 2020 (9) TMI 413 - AT
  167. 2020 (9) TMI 410 - AT
  168. 2020 (9) TMI 912 - AT
  169. 2020 (11) TMI 477 - AT
  170. 2020 (8) TMI 709 - AT
  171. 2020 (8) TMI 149 - AT
  172. 2020 (10) TMI 707 - AT
  173. 2020 (7) TMI 600 - AT
  174. 2020 (7) TMI 792 - AT
  175. 2020 (7) TMI 462 - AT
  176. 2020 (8) TMI 267 - AT
  177. 2020 (7) TMI 492 - AT
  178. 2020 (8) TMI 264 - AT
  179. 2020 (8) TMI 354 - AT
  180. 2020 (8) TMI 310 - AT
  181. 2020 (6) TMI 718 - AT
  182. 2020 (6) TMI 323 - AT
  183. 2020 (11) TMI 638 - AT
  184. 2020 (8) TMI 658 - AT
  185. 2020 (8) TMI 302 - AT
  186. 2020 (7) TMI 150 - AT
  187. 2020 (8) TMI 470 - AT
  188. 2020 (3) TMI 1234 - AT
  189. 2020 (3) TMI 1231 - AT
  190. 2020 (3) TMI 685 - AT
  191. 2020 (3) TMI 1387 - AT
  192. 2020 (4) TMI 223 - AT
  193. 2020 (4) TMI 488 - AT
  194. 2020 (4) TMI 220 - AT
  195. 2020 (5) TMI 83 - AT
  196. 2020 (2) TMI 1664 - AT
  197. 2020 (4) TMI 853 - AT
  198. 2020 (4) TMI 754 - AT
  199. 2020 (4) TMI 751 - AT
  200. 2020 (3) TMI 683 - AT
  201. 2020 (6) TMI 236 - AT
  202. 2020 (4) TMI 126 - AT
  203. 2020 (4) TMI 620 - AT
  204. 2020 (4) TMI 581 - AT
  205. 2020 (4) TMI 565 - AT
  206. 2020 (4) TMI 563 - AT
  207. 2020 (4) TMI 544 - AT
  208. 2020 (4) TMI 540 - AT
  209. 2020 (2) TMI 264 - AT
  210. 2020 (4) TMI 326 - AT
  211. 2020 (4) TMI 325 - AT
  212. 2020 (1) TMI 992 - AT
  213. 2020 (3) TMI 135 - AT
  214. 2019 (12) TMI 1617 - AT
  215. 2020 (1) TMI 854 - AT
  216. 2019 (12) TMI 314 - AT
  217. 2019 (12) TMI 1223 - AT
  218. 2020 (1) TMI 851 - AT
  219. 2019 (12) TMI 255 - AT
  220. 2019 (12) TMI 593 - AT
  221. 2019 (11) TMI 458 - AT
  222. 2020 (1) TMI 74 - AT
  223. 2019 (11) TMI 143 - AT
  224. 2019 (10) TMI 1122 - AT
  225. 2019 (12) TMI 744 - AT
  226. 2019 (10) TMI 712 - AT
  227. 2019 (9) TMI 1067 - AT
  228. 2019 (9) TMI 1509 - AT
  229. 2019 (8) TMI 1846 - AT
  230. 2019 (8) TMI 992 - AT
  231. 2019 (8) TMI 1724 - AT
  232. 2019 (9) TMI 1174 - AT
  233. 2019 (9) TMI 367 - AT
  234. 2019 (8) TMI 444 - AT
  235. 2019 (8) TMI 924 - AT
  236. 2019 (7) TMI 980 - AT
  237. 2019 (7) TMI 1564 - AT
  238. 2019 (7) TMI 659 - AT
  239. 2019 (7) TMI 1595 - AT
  240. 2019 (6) TMI 1462 - AT
  241. 2019 (6) TMI 1430 - AT
  242. 2019 (9) TMI 184 - AT
  243. 2019 (5) TMI 1311 - AT
  244. 2019 (5) TMI 1732 - AT
  245. 2019 (4) TMI 1722 - AT
  246. 2019 (4) TMI 1879 - AT
  247. 2019 (4) TMI 856 - AT
  248. 2019 (4) TMI 1878 - AT
  249. 2019 (4) TMI 1858 - AT
  250. 2019 (3) TMI 1544 - AT
  251. 2019 (3) TMI 1621 - AT
  252. 2019 (4) TMI 761 - AT
  253. 2019 (3) TMI 2055 - AT
  254. 2019 (3) TMI 1652 - AT
  255. 2019 (3) TMI 800 - AT
  256. 2019 (3) TMI 316 - AT
  257. 2019 (2) TMI 1825 - AT
  258. 2019 (2) TMI 1320 - AT
  259. 2019 (4) TMI 1105 - AT
  260. 2019 (4) TMI 497 - AT
  261. 2019 (2) TMI 161 - AT
  262. 2018 (12) TMI 1691 - AT
  263. 2019 (1) TMI 1455 - AT
  264. 2018 (12) TMI 1659 - AT
  265. 2018 (11) TMI 1905 - AT
  266. 2018 (11) TMI 1690 - AT
  267. 2018 (11) TMI 997 - AT
  268. 2018 (12) TMI 818 - AT
  269. 2018 (10) TMI 2028 - AT
  270. 2019 (2) TMI 1342 - AT
  271. 2018 (10) TMI 1974 - AT
  272. 2018 (10) TMI 1936 - AT
  273. 2018 (10) TMI 1857 - AT
  274. 2019 (1) TMI 632 - AT
  275. 2018 (9) TMI 2056 - AT
  276. 2018 (12) TMI 1449 - AT
  277. 2018 (10) TMI 258 - AT
  278. 2018 (9) TMI 2075 - AT
  279. 2018 (9) TMI 1888 - AT
  280. 2018 (10) TMI 1341 - AT
  281. 2018 (9) TMI 779 - AT
  282. 2018 (10) TMI 1523 - AT
  283. 2018 (9) TMI 216 - AT
  284. 2018 (8) TMI 1768 - AT
  285. 2018 (11) TMI 431 - AT
  286. 2018 (8) TMI 2157 - AT
  287. 2018 (8) TMI 1626 - AT
  288. 2018 (7) TMI 1723 - AT
  289. 2018 (7) TMI 1843 - AT
  290. 2018 (7) TMI 1474 - AT
  291. 2018 (12) TMI 974 - AT
  292. 2018 (8) TMI 1181 - AT
  293. 2018 (6) TMI 1183 - AT
  294. 2018 (6) TMI 1051 - AT
  295. 2018 (6) TMI 504 - AT
  296. 2018 (11) TMI 503 - AT
  297. 2018 (5) TMI 2010 - AT
  298. 2018 (5) TMI 351 - AT
  299. 2018 (5) TMI 349 - AT
  300. 2018 (12) TMI 973 - AT
  301. 2018 (5) TMI 338 - AT
  302. 2018 (4) TMI 1202 - AT
  303. 2018 (5) TMI 131 - AT
  304. 2018 (4) TMI 1623 - AT
  305. 2018 (12) TMI 1050 - AT
  306. 2018 (4) TMI 625 - AT
  307. 2018 (4) TMI 187 - AT
  308. 2018 (4) TMI 186 - AT
  309. 2018 (4) TMI 386 - AT
  310. 2018 (4) TMI 255 - AT
  311. 2018 (4) TMI 439 - AT
  312. 2018 (3) TMI 1894 - AT
  313. 2018 (3) TMI 1032 - AT
  314. 2018 (4) TMI 8 - AT
  315. 2018 (4) TMI 7 - AT
  316. 2018 (2) TMI 2035 - AT
  317. 2018 (2) TMI 1957 - AT
  318. 2018 (2) TMI 1632 - AT
  319. 2018 (2) TMI 1760 - AT
  320. 2018 (2) TMI 1362 - AT
  321. 2018 (2) TMI 1955 - AT
  322. 2018 (2) TMI 1749 - AT
  323. 2018 (2) TMI 964 - AT
  324. 2018 (2) TMI 1971 - AT
  325. 2018 (2) TMI 266 - AT
  326. 2018 (2) TMI 735 - AT
  327. 2018 (2) TMI 1141 - AT
  328. 2018 (3) TMI 576 - AT
  329. 2018 (1) TMI 713 - AT
  330. 2018 (1) TMI 24 - AT
  331. 2017 (12) TMI 1480 - AT
  332. 2017 (12) TMI 1479 - AT
  333. 2017 (12) TMI 1477 - AT
  334. 2017 (12) TMI 1667 - AT
  335. 2017 (12) TMI 1122 - AT
  336. 2018 (2) TMI 858 - AT
  337. 2017 (12) TMI 1409 - AT
  338. 2017 (12) TMI 928 - AT
  339. 2017 (12) TMI 1000 - AT
  340. 2017 (12) TMI 1797 - AT
  341. 2017 (12) TMI 858 - AT
  342. 2017 (12) TMI 797 - AT
  343. 2017 (12) TMI 746 - AT
  344. 2018 (1) TMI 1290 - AT
  345. 2017 (12) TMI 532 - AT
  346. 2017 (12) TMI 1759 - AT
  347. 2017 (12) TMI 1757 - AT
  348. 2017 (12) TMI 573 - AT
  349. 2017 (12) TMI 259 - AT
  350. 2017 (12) TMI 52 - AT
  351. 2017 (11) TMI 1602 - AT
  352. 2017 (11) TMI 1941 - AT
  353. 2017 (11) TMI 1598 - AT
  354. 2017 (11) TMI 1857 - AT
  355. 2017 (11) TMI 1905 - AT
  356. 2018 (1) TMI 688 - AT
  357. 2018 (1) TMI 581 - AT
  358. 2017 (11) TMI 1066 - AT
  359. 2017 (11) TMI 1816 - AT
  360. 2017 (11) TMI 1825 - AT
  361. 2017 (11) TMI 318 - AT
  362. 2017 (11) TMI 251 - AT
  363. 2017 (11) TMI 211 - AT
  364. 2017 (11) TMI 119 - AT
  365. 2017 (11) TMI 184 - AT
  366. 2017 (11) TMI 310 - AT
  367. 2017 (11) TMI 183 - AT
  368. 2017 (10) TMI 1241 - AT
  369. 2017 (10) TMI 1558 - AT
  370. 2017 (10) TMI 1509 - AT
  371. 2017 (11) TMI 1142 - AT
  372. 2017 (11) TMI 244 - AT
  373. 2017 (12) TMI 1394 - AT
  374. 2017 (12) TMI 785 - AT
  375. 2017 (11) TMI 1141 - AT
  376. 2017 (10) TMI 1151 - AT
  377. 2017 (12) TMI 1392 - AT
  378. 2017 (12) TMI 739 - AT
  379. 2017 (11) TMI 1347 - AT
  380. 2017 (11) TMI 1138 - AT
  381. 2017 (10) TMI 878 - AT
  382. 2017 (10) TMI 1256 - AT
  383. 2017 (10) TMI 584 - AT
  384. 2017 (10) TMI 174 - AT
  385. 2017 (10) TMI 1633 - AT
  386. 2017 (10) TMI 64 - AT
  387. 2017 (9) TMI 1935 - AT
  388. 2017 (10) TMI 236 - AT
  389. 2017 (10) TMI 165 - AT
  390. 2017 (10) TMI 231 - AT
  391. 2017 (9) TMI 1404 - AT
  392. 2017 (11) TMI 1058 - AT
  393. 2017 (12) TMI 1467 - AT
  394. 2017 (11) TMI 1135 - AT
  395. 2017 (11) TMI 1134 - AT
  396. 2017 (9) TMI 1903 - AT
  397. 2018 (1) TMI 506 - AT
  398. 2017 (10) TMI 781 - AT
  399. 2017 (9) TMI 1401 - AT
  400. 2017 (9) TMI 729 - AT
  401. 2017 (11) TMI 1053 - AT
  402. 2017 (9) TMI 1748 - AT
  403. 2017 (11) TMI 502 - AT
  404. 2017 (9) TMI 1919 - AT
  405. 2017 (9) TMI 1916 - AT
  406. 2017 (9) TMI 1341 - AT
  407. 2017 (9) TMI 307 - AT
  408. 2017 (9) TMI 305 - AT
  409. 2017 (9) TMI 302 - AT
  410. 2017 (9) TMI 648 - AT
  411. 2017 (10) TMI 162 - AT
  412. 2017 (9) TMI 1215 - AT
  413. 2017 (9) TMI 520 - AT
  414. 2017 (10) TMI 1255 - AT
  415. 2017 (10) TMI 773 - AT
  416. 2017 (10) TMI 523 - AT
  417. 2017 (8) TMI 1311 - AT
  418. 2017 (10) TMI 771 - AT
  419. 2017 (10) TMI 770 - AT
  420. 2017 (9) TMI 641 - AT
  421. 2017 (9) TMI 640 - AT
  422. 2017 (9) TMI 568 - AT
  423. 2017 (9) TMI 426 - AT
  424. 2017 (8) TMI 641 - AT
  425. 2017 (10) TMI 820 - AT
  426. 2017 (8) TMI 1623 - AT
  427. 2017 (8) TMI 916 - AT
  428. 2017 (8) TMI 1599 - AT
  429. 2017 (11) TMI 1234 - AT
  430. 2017 (9) TMI 717 - AT
  431. 2017 (8) TMI 1124 - AT
  432. 2017 (7) TMI 1327 - AT
  433. 2017 (11) TMI 1232 - AT
  434. 2017 (10) TMI 1249 - AT
  435. 2017 (10) TMI 1247 - AT
  436. 2017 (8) TMI 1296 - AT
  437. 2017 (8) TMI 1286 - AT
  438. 2017 (6) TMI 1293 - AT
  439. 2017 (8) TMI 712 - AT
  440. 2017 (6) TMI 485 - AT
  441. 2017 (6) TMI 1325 - AT
  442. 2017 (6) TMI 299 - AT
  443. 2017 (5) TMI 1211 - AT
  444. 2017 (6) TMI 65 - AT
  445. 2017 (5) TMI 1152 - AT
  446. 2017 (5) TMI 915 - AT
  447. 2017 (5) TMI 1626 - AT
  448. 2017 (5) TMI 632 - AT
  449. 2017 (5) TMI 1101 - AT
  450. 2017 (5) TMI 477 - AT
  451. 2017 (5) TMI 1811 - AT
  452. 2017 (4) TMI 1269 - AT
  453. 2017 (4) TMI 1513 - AT
  454. 2017 (8) TMI 322 - AT
  455. 2017 (4) TMI 402 - AT
  456. 2017 (5) TMI 901 - AT
  457. 2017 (4) TMI 107 - AT
  458. 2017 (3) TMI 1180 - AT
  459. 2017 (3) TMI 1230 - AT
  460. 2017 (3) TMI 813 - AT
  461. 2017 (3) TMI 1036 - AT
  462. 2017 (7) TMI 101 - AT
  463. 2017 (2) TMI 906 - AT
  464. 2017 (1) TMI 1809 - AT
  465. 2017 (1) TMI 1108 - AT
  466. 2017 (1) TMI 1798 - AT
  467. 2017 (10) TMI 160 - AT
  468. 2017 (2) TMI 561 - AT
  469. 2016 (12) TMI 879 - AT
  470. 2017 (2) TMI 72 - AT
  471. 2016 (11) TMI 885 - AT
  472. 2017 (1) TMI 448 - AT
  473. 2017 (1) TMI 1251 - AT
  474. 2017 (6) TMI 1145 - AT
  475. 2016 (10) TMI 700 - AT
  476. 2016 (9) TMI 1589 - AT
  477. 2016 (9) TMI 1562 - AT
  478. 2016 (8) TMI 1154 - AT
  479. 2016 (6) TMI 1277 - AT
  480. 2016 (6) TMI 454 - AT
  481. 2015 (11) TMI 1526 - AT
  482. 2015 (3) TMI 363 - AT
  483. 2014 (3) TMI 897 - AT
  484. 2014 (1) TMI 392 - AT
Issues:
1. Whether the Tribunal was correct in restricting the disallowance to 12.5 percent of the bogus purchase amount?
2. Whether the Commissioner (Appeals) and the Tribunal erred in overturning the Assessing Officer's decision to make a full addition of the bogus purchase amount?

Analysis:
1. The case involved an appeal by the Revenue against the Tribunal's decision on the disallowance of a portion of the alleged bogus purchases made by the assessee in the steel trading business. The Assessing Officer treated the purchases as entirely bogus and added the full amount to the gross profit. The Commissioner (Appeals) reduced the addition, concluding that only 30 percent of the purchase cost should be retained as probable profit. The Tribunal further reduced this to 12.5 percent, partially allowing the assessee's appeal. The Revenue challenged this decision, arguing that the full amount should have been added back based on the Division Bench's decision in a similar case.

2. The Commissioner (Appeals) believed that the purchases were not entirely bogus but made from other parties in the open market. The Court agreed with this reasoning, emphasizing that the crucial issue was whether the purchases were completely non-existent or made from different sources. The Court held that only the profit element embedded in the purchases, not the entire purchase price, should be added to the assessee's income. This approach was supported by previous court decisions, including the cases of CIT v. Vijay M. Mistry Construction Ltd. and CIT v. Bholanath Poly Fab P. Ltd. The Court highlighted that if no purchases were made at all, then the entire amount should be added back, as seen in the case of Asst. CIT (OSC) v. Pawanraj B. Bokadia.

In conclusion, the Court dismissed the tax appeal, affirming the Tribunal's decision to estimate the fair profit rate at 12.5 percent of the disputed purchases, considering the nature of the business and the varying profit rates. The judgment emphasized the importance of distinguishing between entirely bogus purchases and purchases made from different sources, ensuring that only the profit element is added to the assessee's income.

 

 

 

 

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