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CIT(A) Confirms Disallowance of 0.30% on Circular Trading Expenses Aimed at Inflating Turnover, Not Profit.
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....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....