TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal Upholds 3% Profit Estimation for Tainted Purchases</h1> <h3>Dy. Commissioner of Income Tax, Circle 15 (1), Mumbai. Versus Shri Jitendra Motani, Prop. M/s NITIN IMPEX and vice-versa</h3> The Tribunal upheld the estimation of profit at 3% for tainted purchases, deeming it fair and reasonable based on the specific circumstances. Both the ... - Issues involved: Estimation of profits after rejection of books of account.I.T.A.No.5927/M/09 (Revenue's appeal): The Revenue challenged the estimation of Gross Profit (GP) at 3% on tainted purchases, arguing that it should be 4.5% on the entire turnover. The Tribunal noted a similar issue in a previous case and upheld the estimation of profit at 3% for tainted purchases, deeming it fair and reasonable based on the specific circumstances. Consequently, the Tribunal dismissed the Revenue's appeal.C.O.116/M/10 (Assessee's cross objection): The Assessee objected to the rejection of book profit and the estimation of GP at 3%. They argued that the rejection was unfounded as transactions were through proper banking channels and had quantitative tally. The Tribunal upheld the estimation of profit at 3% for tainted purchases, considering the low profit margin in the Assessee's line of business. Following the precedent set in a previous case, the Tribunal confirmed the action of the Commissioner of Income Tax (Appeals) and dismissed the Assessee's cross objection.In conclusion, the Tribunal upheld the estimation of profit at 3% for tainted purchases, considering it fair and reasonable based on the specific circumstances of the case. Both the Revenue's appeal and the Assessee's cross objection were dismissed in light of the Tribunal's findings and the precedent set in a previous case.
TaxTMI 
TaxTMI 
