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