On the basis of information received from Investigation Wing, the Assessing Officer has made addition. of 60. 24 per cent on alleged bogus purchases. Tribunal directed the Assessing Officer to estimate gross profit at rate of 12.5 per cent on alleged bogus purchases. High Court affirmed the order of the Tribunal.(AY. 2009-10)
PCIT v. Suraj Infrastructures (P.) Ltd. (2023) 295 Taxman 758 (Bom.)(HC)
S. 143(3) : Assessment-Unexplained expenditure-Bogus purchases-Order of Tribunal directing the Assessing Officer to estimate the gross pprofit at rate of 12.5 % is affirmed. [S. 69C, 260A]