Dismissing the appeal of the assessee the Court held that the Tribunal while confirming the addition of Rs. 21,46,261 had found that the Assessing Officer had conducted detailed enquiries regarding the alleged purchases. It was found that the bogus purchase bills were obtained for suppressing the profits of the assessee. Accordingly the Tribunal was justified in confirming the addition. (AY.2012-13)
Shree Krishana Kripa Feeds v. CIT (2019) 410 ITR 533/ 260 Taxman 337/ 307 CTR 220/ 175 DTR 18 (P&H)(HC)
S. 69 : Income from undisclosed sources—Bogus purchases- Purchases were not part of sales shown by the assessee- Bogus purchase for suppressing the profits of the business- Addition is held to be justified.