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Loss in respect of embezzlement of stock by an employee - loss of jewellery/stock is allowed as the assessee substantiated its claim and filed relevant evidence proving actual embezzlement. The disallowance made by the assessing officer is deleted. Estimation of income - Bogus purchases - Following the Bombay High Court judgments in Ashwin Purshotam Bajaj and Rishabhdev Technocable Ltd., section 69 is not applicable, and only profit has to be added. As sales were not doubted against the purchases and no dispute regarding quantitative stock details, the entire purchase cannot be added. Gross profit of 3% is applied over and above the declared rate on the bogus purchase, granting partial relief to the assessee.
Loss in respect of embezzlement of stock by an employee - loss of jewellery/stock is allowed as the assessee substantiated its claim and filed relevant evidence proving actual embezzlement. The disallowance made by the assessing officer is deleted. Estimation of income - Bogus purchases - Following the Bombay High Court judgments in Ashwin Purshotam Bajaj and Rishabhdev Technocable Ltd., section 69 is not applicable, and only profit has to be added. As sales were not doubted against the purchases and no dispute regarding quantitative stock details, the entire purchase cannot be added. Gross profit of 3% is applied over and above the declared rate on the bogus purchase, granting partial relief to the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
