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    Income Tax

    Bogus purchases - Disallowance in respect of provision of...

    Court Rules 7% Disallowance for Bogus Battery Purchases; Estimation Must Align with Taxpayer's Reported Profit.

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    Income TaxJanuary 17, 2022Case LawsAT

    Bogus purchases - Disallowance in respect of provision of batteries - Whenever any estimation is required to be made guess-work would always be there. But such guess-work should be in consonance with overall profit shown by the assessee. It has achieved a turnover of more than ₹ 102 crores, and returned income of ₹ 4.13 crores. These factors are also to be kept in mind. Taking into consideration all these facts, we estimate disallowance out of these bogus purchase at 7%. - AT

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