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2020 (4) TMI 365 - AT - Income TaxBogus purchases - CIT(A) restricting the addition @ 3% on total purchases as the profit element embedded in these purchases - HELD THAT:- We find that the identical ground raised in the present appeal has already been decided for the same AY 2014-15 in assessee’s own case [2019 (12) TMI 314 - ITAT MUMBAI] wherein held that CIT(A) had rightly appreciated that the addition in the hands of the assessee was liable to be restricted only to the extent of the profit element which was embedded in making of purchases from the open/grey market. Following the said decision, it can be safely concluded that the restriction placed by CIT(A) that the addition by estimating profit percentage at the rate of 3% on bogus purchases, is correct. - Decided against revenue.
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