Dismissing the appeal of the Revenue the Court held that the Assessing Officer had not rejected the books of account of the assessee and had made estimated additions on account of the purchases, the Commissioner (Appeals) had made the addition at 12.5 per cent. of the purchases in question and this had been rightly restricted to 6 per cent. by the Tribunal. Order of Tribunal affirmed. (AY.2009-10)
PCIT v. Surya Impex (2023) 451 ITR 395/ 291 Taxman 591 (Guj.)(HC)
S. 69C : Unexplained expenditure-Bogus purchases-Books of account not rejected-Tribunal restricting the income at 6% of bogus purchases-No substantial question of law. [S. 260A]