TMI Blog2015 (9) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax (2015 (1) TMI 828 - GUJARAT HIGH COURT) to held that the assessee would be liable to pay the income tax only to the ratio of 20% of the amount of purchase value and not on the entire so called bogus purchase and considering the above, we are of the opinion that the present appeal is meritless and accordingly is dismissed. - Decided against revenue. - TAX APPEAL NO. 176 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) has been confirmed. 2. Brief facts of the case are as under: 2.1 That the assessee filed return on 20.10.1995 for the assessment year 199596 declaring his total income at ₹ 26,580/. The Assessing Officer issued notice under Section 148 of the Incometax Act, 1961. After hearing the concerned parties, the Assessing Officer came to the conclusion that certain purchases shown by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of admission of the present appeal, the following question was framed as substantial question of law. Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) restricting the additions made on account of bogus purchases from ₹ 25,72,159/to ₹ 5,00,000/? 4. Mr. Bhatt, learned advocate for Ms. Mauna Bhatt, learned advocate has fairly subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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