2023 (12) TMI 228 - SCH - Income Tax

Estimation of income - Bogus purchases - As decided by HC 2023 (1) TMI 835 - GUJARAT HIGH COURT AO has chosen not to reject the books of accounts of the assessee and had made the estimated additions of the pieces of the purchases. Both, the CIT (Appeals) and the Tribunal, have concurrently and rightly held to make the additions, which the CIT (Appeals) had done @ 12.5% of the impugned purchases, which have been reduced and restricted to 6%. HELD THAT - In view of the dismissal 2023 (12) TMI 144 - SC ORDER following the said order, this special leave petition is also stand dismissed. Pending application(s), if any, shall stand disposed of.

Summary

The Supreme Court dismissed the special leave petition due to the dismissal of another related petition. Delay was condoned and pending applications were disposed of. Citation: 2023 (12) TMI 228 - SC Order. Justices: B.V. Nagarathna and Ujjal Bhuyan. Petitioner represented by N Venkatraman, Raj Bahadur Yadav, Alka Agarwal, H R Rao, and Udai Khanna.