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2020 (1) TMI 700 - HC - Income TaxUnsubstantiated purchases - CIT(A) applying net profit of 5.76% - CIT (Appeals) and the Tribunal opined that without actually consuming the raw materials, the work done by the Appellant could not have been possible - HELD THAT:- Assuming that the Respondent-Assesssee the purchasers from whom the purchases were made were bogus, in view of the finding of fact that the material was consumed, the question would be of extending the percentage of net profit on total turnover. This would be a matter of calculations by the concerned authority. In this context, if the CIT(Appeals) and the Tribunal chose to follow the percentage arrived by the Settlement Commission in the Respondent-Assessee’s own case for the other years, this exercise cannot be considered as irregular or illegal. No substantial question of law
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