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2021 (5) TMI 625 - AT - Income TaxEstimation of income - Bogus purchases - hawala Purchases - HELD THAT:- We find on perusal of the assessment order the AO has not disputed the sales, whereas the assessee has made bogus purchases from the entities only to make savings in respect of non- payment of tax. We considering the facts and circumstances and the series of Hon’ble Tribunal decisions in the similar cases and the precedence, where the income estimated @ 12.5% of the bogus purchase transaction were accepted. Accordingly, we restrict the addition to the extent of 12.5% of the bogus purchases and modify the Ld.CIT(A) order sustaining the addition to the extent of 12.5% and partly allow the grounds of appeal of the assessee. In the result assessee’s appeal is partly allowed.
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