ITAT has upheld the order of CIT(A) "estimating profit @12.5% on the disputed (bogus) purchases".


Quick Summary
The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has upheld the order of the Commissioner of Income Tax (Appeals) concerning the assessment year 2011-12. The appeal, filed by the revenue, concerned the estimation of profit at 12.5% on purchases that were deemed disputed or bogus. The Tribunal proceeded to decide the appeal based on available records and the Departmental Representative's arguments, as neither the assessee nor their representative appeared for the hearing.

Court :
ITAT Mumbai

Brief :
This is an appeal filed by the revenue. The relevant assessment year is2011-12. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-55, Mumbai [in short ‘CIT(A)’] and arises out ofassessment u/s. 143(3) r.w.s. 147 of the Income Tax Act. 1961(the Act).Though the case was fixed for hearing on 21/09/2020, neither the assesseenor his Authorized Representative (AR) appeared before the Tribunal on theabove date.

Citation :
ITA No. 1561/MUM/2019

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