Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (4) TMI 882 - ITAT MUMBAIEstimation of income - bogus purchases - CIT(A) confirmed disallowance/ addition to the extent of 12.5% - HELD THAT:- As apparent that assessee has purchased material from party A and procured bogus bills of the same material from party B. In this circumstance all the judicial precedents cited before us shows that only profit element embedded therein should be added. Therefore, AR has submitted that the profit element in case of assessee in Steel and Pipe business is merely 2 to 3 %. Therefore, over and above the normal profit earned by the assessee, there are certain other expenses and credit of the taxes and duties which is required to be added to the total income of the assessee. We deem it appropriate and fit to adopt the addition to the extent of 4% of bogus purchases in the hands of the assessee. Appeal of the assessee is partly allowed.
|