{"id":22441,"date":"2021-11-02T11:02:43","date_gmt":"2021-11-02T05:32:43","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-jk-surface-coatings-pvt-ltd-bom-hc-www-itatonline-org\/"},"modified":"2021-11-02T11:02:43","modified_gmt":"2021-11-02T05:32:43","slug":"pcit-v-jk-surface-coatings-pvt-ltd-bom-hc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-jk-surface-coatings-pvt-ltd-bom-hc-www-itatonline-org\/","title":{"rendered":"PCIT v. JK Surface Coatings Pvt Ltd ( Bom ) ( HC ) www.itatonline .org ."},"content":{"rendered":"<p>The Assessing Officer disallowed the entire purchases\u00a0 as bogus purchases\u00a0 . On appeal the Commissioner of Income -tax ( Appeals) estimated the estimated the\u00a0 profit at 15% . On appeal\u00a0 the Tribunal reduced the\u00a0 estimated the\u00a0 profit at 10 %\u00a0 . 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 .\u00a0 ( ITA No 1850 of 2017 dt 28 -10 2021)\u00a0 ( AY.2019 -10 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 143(3): Assessment -Bogus purchases \u2013 Estimation of profit at 10% of total alleged bogus purchases is held to be justified \u2013 No substantial question of law [ S.37 (1), 40A(3), 260A ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-22441","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5PX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22441"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22441\/revisions"}],"predecessor-version":[{"id":22442,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22441\/revisions\/22442"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}