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2022 (4) TMI 230 - AT - Income TaxEstimation of income - Bogus purchases - HELD THAT:- In the present case, the purchases were held to be bogus as the same were made from open/grey market, sales have been accepted by the AO and the CIT(A) has, returned a finding that the Assessee has been able to explain the source of expenditure from his bank account statement, purchase invoices and payments made through cheques. In view of the above, we see no reasons to take any other view of the matter than the view so taken by the Co-ordinate Benches of the Tribunal. We hold that in the facts of the present case entire amount purchases cannot be brought to tax. CIT(A) has confirmed addition to the extent 10% of bogus purchases which is in addition to profits already offered by the Assessee to tax. We see no infirmity in the order passed by CIT(A) and decline to interfere in the matter. - Decided against revenue.
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