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2020 (4) TMI 490 - HC - Income TaxBogus purchases - Addition @ 12.5% - purchases from grey market - HELD THAT:- Having regard to the fact that goods were in fact purchased though not from the named parties but from the grey market, no infirmity can be found in the approach adopted by the Commissioner (Appeals) in restricting the addition to 12.5% of such bogus purchases, which would be the approximate differential amount between the actual price of the goods and the expenditure claimed on the basis of the bogus bills. The Tribunal was, therefore, wholly justified in upholding the order passed by the Commissioner (Appeals). The controversy raised vide proposed question (A), therefore, does not give rise to any question of law.
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