2026 (8) TMI 1718

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....espondent : Shri Sumit Purkaystha, Sr. DR ORDER PER YOGESH KUMAR U.S., JUDICIAL MEMBER: This Appeal is filed by the Assessee against the order of the NFAC, Delhi ('Ld. CIT(A)' for short) dated 07.01.2026, passed u/s 250 of the Income Tax Act, 1961 ("the Act", for short) for the Assessment Year 2018-19. 2. Brief facts of the case are that, Assessee filed return of income declaring a tot....

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....2026, Assessee preferred the present Appeal. 3. The Learned Counsel for the Assessee vehemently submitted that the Ld. CIT(A) erred in law and fact confirming the addition of Rs. 11,17,500/- being 12.5% of alleged purchases of Rs. 89,40,000/- merely on suspicion, conjunction and surmises. The Learned Counsel for the Assessee further submitted that the estimation of profit at 12% is not only ill....

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....rchases were actually made, but not from the parties from whom it was claimed to have been made and instead may have been purchased from grey market without proper billing or documentation and therefore, the fair profit element is embedded in the said transaction. In respect of the fact that the Assessee also has shown corresponding sales to these bogus purchases, therefor, the fair profit element....