2024 (2) TMI 587 - SCH - Income Tax

Estimation of income - bogus purchases - substantial question of law or fact - Commissioner (Appeals) has estimated the same at 25% whereas the Tribunal has estimated the same at 5% - As decided by HC whether the addition on account of bogus purchases should be estimated at 25% or at 5% cannot be said to be an issue of law giving rise to any question of law. Unexplained cash deposits in the bank accounts - As decided by HC when no defects could be pointed out by the AO in the cash book furnished by the assessee, no infirmity can be found in the reasoning adopted by the Tribunal while deleting such addition. HELD THAT - Having heard the learned counsel for the petitioner(s), we are not inclined to interfere. Hence, the special leave petitions are dismissed.

Summary

The Supreme Court dismissed the special leave petitions after hearing the counsel and condoning the delay. Pending applications, if any, will be disposed of accordingly.