The Assessing Officer disallowed the entire purchases as bogus purchases . On appeal the Commissioner of Income -tax ( Appeals) estimated the estimated the profit at 15% . On appeal the Tribunal reduced the estimated the profit at 10 % . On appeal by the revenue , dismissing the appeal the Court held that estimation of net profit being question of fact , the order of Tribunal is affirmed . No substantial question of law . ( ITA No 1850 of 2017 dt 28 -10 2021) ( AY.2019 -10 )
PCIT v. JK Surface Coatings Pvt Ltd ( Bom ) ( HC ) www.itatonline .org .
S. 143(3): Assessment -Bogus purchases – Estimation of profit at 10% of total alleged bogus purchases is held to be justified – No substantial question of law [ S.37 (1), 40A(3), 260A ]