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2020 (4) TMI 327 - AT - Income TaxBogus purchases - Addition on the basis of information gathered during the course of search and survey in the cases of accommodation entry providers giving bogus purchase bills to various parties and the assessee being one of the beneficiary of accommodation entry - AO as well as the ld. CIT(A) has estimated 8% profit - HELD THAT:- ITAT, in the case of Renisha Impex Pvt.Ltd. [2017 (10) TMI 1509 - ITAT MUMBAI] has considered an identical issue and directed the AO to estimate 6% profit on alleged non-genuinene purchases. In yet another case, the ITAT, Mumbai Bench in case of M/s Decent Dia Jewel Pvt Ltd [2020 (2) TMI 137 - ITAT MUMBAI] has taken similar view and estimated 6% profit on alleged non-genuine purchases. We, therefore, considereing facts and circumstances of this case and by following the case laws discussed herein above, direct the ld. AO to estimate 6% profit on alleged non-genuine purchases. - Decided partly in favour of assessee.
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