https://www.taxtmi.com/highlights?id=59798 Addition of circular trading purchases - CIT(A) has discussed in his finding that this was not a case of estimation of net profit on circular purchases but this was a case where the assessee had incurred expenses for circular purchases/transaction @ 0.28% and estimated the disallowance @ 0.30% of circular trading purchases - CIT(A) has also explained in his finding regarding analysis of the transaction made by the assessee that these transactions were carried out in order to show better turnover in financial accounts. - Order of CIT(A) confirmed - AT en-us Thu, 23 Sep 2021 14:29:45 +0530 Thu, 23 Sep 2021 14:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=59798 Addition of circular trading purchases - CIT(A) has discussed in his finding that this was not a case of estimation of net profit on circular purchases but this was a case where the assessee had incurred expenses for circular purchases/transaction @ 0.28% and estimated the disallowance @ 0.30% of circular trading purchases - CIT(A) has also explained in his finding regarding analysis of the transaction made by the assessee that these transactions were carried out in order to show better turnover in financial accounts. - Order of CIT(A) confirmed - AT Highlights Income Tax Thu, 23 Sep 2021 14:29:45 +0530 https://www.taxtmi.com/highlights?id=59798