Case Law Details
Case Name : N.K. Industries Ltd. Vs. Dy. CIT (Gujarat High Court)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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N.K. Industries Ltd. Vs. Dy. CIT (Gujarat High Court)
During search proceedings certain blank cheques and blank bills were found from assessee’s premises of the parties from whom purchases were made, and AO made addition of entire purchase from these parties, Tribunal was justified in holding that addition of 25% amount as income would suffice.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
Being aggrieved and dissatisfied
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in view of the comments of rkdhandia , pls let us know what is the final conclusion in the case. Pls report as soon as possible
The above High Court Judgment has held that the entire amount of bogus purchases should be added instead of 25% as decided by ITAT.
SLP filed by Company against the HC Order was dismissed by SC . Thus the HC order of addition of entire purchases is final order.