Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (1) TMI 839 - ITAT PUNEEstimation of income - Bogus purchases - disallowances involving GP component - HELD THAT:- Assessee could neither file confirmation of its suppliers nor the AO’s notices could be served on them as per the assessment findings. Faced with this situation, Mr. Joshi has taken pains to compile the corresponding details in all these three assessment years regarding assessee’s bogus and unverified purchases for being assessed at uniform rate. We hold that once the bogus purchases have attained finality, the only consequence is that they do not deserve to be treated at par with the latter category in light of the overwhelming evidence in this case file. Revenue has also quoted a catena of case law wherein such bogus purchases stand assessed at varying margins from 5-12%. We deem it appropriate in these peculiar facts to conclude that a lump sum disallowance of 6% in all these three cases would meet the ends of justice with a rider that the same shall not be taken as a precedent. Necessary computation shall follow as per law.
|