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2017 (10) TMI 730 - HC - Income TaxDisallowance on the bogus purchases - NP determination - Held that:- Facts on record would show that certain purchase of the assessee would found to be bogus, upon which, the Assessing Officer made addition on the entire amount. Commissioner of Income Tax (Appeals) restricted the addition by adopting the net profit rate of 2% on the basis that in similar trade in the region, the profit rate worked out is 0.5% to 0.75%. The assessee has disclosed profit ratio of 1.10%. The Commissioner of Income Tax (Appeals) increased it to 2%. This view of the Commissioner of Income Tax (Appeals) was confirmed by the Tribunal. No substantial question of law.
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