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| The Tax Publishers2020 TaxPub(DT) 4739 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Disallowance made by AO on account of alleged bogus purchase was restricted @ 2% following the decision rendered in assessee's own case.
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Income from undisclosed sources - Addition under section 68 - Alleged bogus purchases -
AO on information from Sales Tax Department had undertaken search and seizure action in premises of assessee and its group concern and it was alleged that assessee was indulged in bogus purchases and thus addition was made on account of bogus purchases to the assessee. Held: As decided in assessee's own case, disallowance made was restricted @ 2% of alleged purchases. Therefore, AO was directed to restrict the disallowance @ 2% of the alleged bogus purchases.
REFERRED :
FAVOUR : Partly in assessee's favour
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 68
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