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2021 (5) TMI 422 - ITAT MUMBAIEstimation of income - Bogus purchases - AO disallowed an amount being 12.5% of the alleged non genuine purchases - HELD THAT:- Considering the fact that the assessee is a trader in non ferrous metal on which the normal profit rate as per industry norms varies between 2% to 5%, the disallowance made at 12. 5% appears to be on a much higher side. Therefore, direct the assessing officer to restrict the disallowance to 5% of the non genuine purchases. Ground is partly allowed. AO is also directed to give due credit for the advance-tax paid by the assessee after verifying facts and materials on record and in accordance with law. - Decided partly in favour of assessee.
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