Estimation of income - bogus purchases - when the purchases are ...

Court Directs 3.5% Disallowance on Alleged Bogus Purchases After Confirming 9% Profit Rate Declared by Assessee.

December 27, 2022

Case Laws Income Tax AT

Estimation of income - bogus purchases - when the purchases are held to be bogus and only certain percentage only to be disallowed - assessee has already declared profit @ 9% (confirmed by AO) the net difference of 3.5% (12.5 - 9) should be considered for disallowance. Accordingly, we direct Assessing Officer to disallow @ 3.5% of the alleged bogus purchases. - AT

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Estimation of income - bogus purchases - when the purchases are ...

Court Directs 3.5% Disallowance on Alleged Bogus Purchases After Confirming 9% Profit Rate Declared by Assessee.

December 27, 2022

Case Laws Income Tax AT

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