2023 (7) TMI 1527 - SCH - Income Tax

Bogus purchases - bogus accommodation bills - hawala transactions from certain parties who were only providing accommodation sale bills - All decided by HC 2022 (2) TMI 1482 - BOMBAY HIGH COURT purchases cannot be rejected without disturbing the sales in case of a trader and additions limited to the extent of bringing the G.P. rate on purchases at the same rate of other genuine purchases HELD THAT - In terms of Circular No. 17/2019 dated 08.08.2019 issued by Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes, Judicial Section, since the amount of tax involved is low, we are not inclined to interfere with the impugned order. The special leave petitions are, accordingly, dismissed.

Summary

The Supreme Court of India dismissed the special leave petitions based on Circular No. 17/2019 regarding low tax amount involved. Delay was condoned. No respondent appeared.