2022 (3) TMI 1630 - HC - Income Tax

Bogus purchases - bogus accommodation bills - estimation of income - hawala transactions from certain parties who were only providing accommodation sale bills - HELD THAT - Substantial question of law in these appeals are squarely covered in the order of M/s. Moammad Haji Adam Co. 2019 (2) TMI 1632 - BOMBAY HIGH COURT and M/s. Paramshakti Distributors Pvt. Ltd. 2019 (7) TMI 838 - BOMBAY HIGH COURT as held purchases cannot be rejected without disturbing the sales in case of a trader. Tribunal correctly restricted the additions limited to the extent of bringing the G.P. rate on purchases at the same rate of other genuine purchases - therefore the appeals can be disposed.

Summary

The Bombay High Court heard multiple Income Tax Appeals and disposed of them based on the fact that the substantial questions of law were covered in previous orders. The appeals were disposed of accordingly. Mr. Sham V. Walve represented the Appellant in all appeals, while various counsels represented the Respondents in different appeals.