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. 2009-10) (Arising from ITA No. 6848/M/2014, dt. 18/11/2016)

Coarm : Honourabe Mr. Justice K.R. Shriram, Honourable Mr. Justice Amit B. Borkar