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2020 (6) TMI 323 - ITAT MUMBAIBogus purchases - gp estimation @12.5% on non-genuine purchases - HELD THAT:- It is a well settled law that in case of bogus purchases only the profit embedded in non-genuine purchases should be brought to tax. In our considered opinion, estimation of GP @12.5% is on the higher side keeping in view assessee’s nature of business - Ends of justice would meet if GP on bogus purchases is estimated at 5% over and above the GP declared by the assessee. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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