Estimation of income - bogus purchases - Disallowance to the ...

Court Adjusts Income Estimation: 6% Addition on Disputed Purchases to Prevent Revenue Leakage, 5% Disallowance Insufficient.

October 12, 2022

Case Laws Income Tax AT

Estimation of income - bogus purchases - Disallowance to the extent of 5% is on lower side particularly when the assessee has shown negligible net profit. The assessee has shown net profit @.03 only, on the turnover - Thus, in order to meet out the possibility of revenue leakage 6% of the addition of aggregate of disputed purchase will meet the end of justice. - AT

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Estimation of income - bogus purchases - Disallowance to the ...

Court Adjusts Income Estimation: 6% Addition on Disputed Purchases to Prevent Revenue Leakage, 5% Disallowance Insufficient.

October 12, 2022

Case Laws Income Tax AT

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