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 ]

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 )