TMI BlogEstimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds...Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the absence of crucial documentation, such as delivery challans, to substantiate the purchases. Consequently, the disallowance of purchases was upheld. - Considering the appellant's argument for a lower percentage of disallowance based on the profit margin accepted in other assessment years, the Tribunal decided to restrict the disallowance to 5% of the disputed purchases, consistent with previous decisions in the appellant's case. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
