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2021 (7) TMI 451 - ITAT MUMBAIDisallowance u/s. 37(1) - Estimation of income on bogus purchases - suspicious purchases of wrist watches which were stated to be given to buyers as sales promotion - as per CIT-A it is reasonable to make an estimated addition of 12.5% against these purchases - HELD THAT:- We concur with the adjudication of Ld. CIT(A) that receipt and utilization of wrist watches could not be ignored. The assessee might have made savings by purchasing the goods from the open market. Therefore, it was quite reasonable to make estimated additions of 12.5% against the purchases so made by the assessee. Finding no infirmity in the impugned order, we dismiss the appeal.
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