Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
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ITAT partly allowed the assessee's appeal in respect of addition for alleged bogus purchases treated as unexplained expenditure u/s 69C and taxed u/s 115BBE. While concurring that evidences of physical movement of goods were deficient, the Tribunal held that, given accepted corresponding sales and absence of rejection of books, only the profit element embedded in the disputed purchases could be taxed. Considering business nature, turnover and the assessee's concession, ITAT restricted the addition to 2% of the impugned purchases of Rs. 1,75,16,480/-, i.e., Rs. 3,50,330/-. It further held that such estimated profit does not fall under s.69C and is therefore taxable at normal rates, not u/s 115BBE.
ITAT partly allowed the assessee's appeal in respect of addition for alleged bogus purchases treated as unexplained expenditure u/s 69C and taxed u/s 115BBE. While concurring that evidences of physical movement of goods were deficient, the Tribunal held that, given accepted corresponding sales and absence of rejection of books, only the profit element embedded in the disputed purchases could be taxed. Considering business nature, turnover and the assessee's concession, ITAT restricted the addition to 2% of the impugned purchases of Rs. 1,75,16,480/-, i.e., Rs. 3,50,330/-. It further held that such estimated profit does not fall under s.69C and is therefore taxable at normal rates, not u/s 115BBE.
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