2021 (7) TMI 1465

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....ted against order of Commissioner of Income Tax(Appeals)-10, Mumbai [in short 'the CIT(A)'] dated 10/05/2019 for the assessment year 2014-15. 2. The assessee in appeal has assailed addition of Rs. 1,90,247/- confirmed by the CIT(A) in respect of purchases made from M/s. Prime Star by estimating G.P rate at 8% on such purchases. 3. The brief facts of the case as emanating from records are....

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....modation entries. During search action under section 132 of Income Tax Act, 1961 (in short 'the Act') in the case of Bhanwarlal Jain Group, Bhanwarlal Jain admitted that through various concerns floated they are providing accommodation entries against commission and there is no actual sale. The Assessing Officer made estimated addition of 8% of the alleged bogus purchases. The estimate mad....

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....ation the nature of assessee's business, I am of the view that profit margin estimated by the authorities below are on higher side. I deem it appropriate to restore this issue back to the file of Assessing Officer to decided the same afresh in line with the decision of Hon'ble Bombay High Court in the case of PCIT vs. Mohommad Haji Adam & Co. in Income Tax Appeal No. 1004 of 2016 decided on 11....