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2020 (9) TMI 766 - ITAT MUMBAIEstimation of income - bogus purchases - HELD THAT:- We direct the AO to restrict the addition limited to the extent of bringing the G.P. rate on disputed purchases at the same rate of other genuine purchases. Disallowance of interest - CIT(A) deleted the said addition on the ground that the interest free funds available with the assessee at the beginning of the year whereas the interest free advance - HELD THAT:- We find that the Ld.CIT(A) has rightly followed the decision in Reliance Utilities & Power Limited [2009 (1) TMI 4 - BOMBAY HIGH COURT] as the interest free funds available with the assessee at the beginning of the year was much more then the interest free advances. We uphold the order of the CIT(A) and dismiss the second ground of appeal of the revenue.
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