Dismissing the appeal of the revenue the Court held that the Tribunal was correct in confirming the order of the Commissioner (Appeals) restricting the disallowance to 17.5 per cent. of the total alleged bogus purchases. No question of law. (AY. 2010-11)
PCIT v. Jakharia Fabric Pvt. Ltd. (2020) 429 ITR 332 / 274 Taxman 52 (Bom.)(HC)
S. 143(3) : Assessment-Income from undisclosed sources-Bogus purchases-Assessing Officer disallowing entire purchases-Estimation of profit element embedded in purchases at 17.5 Per Cent. affirmed by Tribunal-Order of Tribunal is affirmed. [S. 69C]