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2021 (5) TMI 297 - AT - Income TaxEstimation of income - Bogus purchases - CIT(A) restricting the suppressed profit to the extent of 12.5% of the purchases made from the bogus entities - HELD THAT:- We noticed that the CIT(A) has allowed the claim of the assessee on the basis of decision of Hon’ble Bombay High Court Nikunj Eximp [2013 (1) TMI 88 - BOMBAY HIGH COURT] and Balaji Textile [1993 (8) TMI 100 - ITAT BOMBAY-B] and Bholanath Polyfab Pvt. Ltd. [2013 (10) TMI 933 - GUJARAT HIGH COURT] In the instant case, sale is not doubted, therefore, the CIT(A) has restricted the addition to the extent of 12.5% of the total bogus purchase . The facts are not distinguishable at this stage. Taking into account, all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Appeal filed by the revenue is hereby dismissed.
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