Bombay HC Dismisses Revenue Appeal on Profit Estimate on Bogus Purchase

PCIT-2 Vs Refrigerated Distributors Pvt Ltd (Bombay High Court) Bombay High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT-2) concerning the assessment of Refrigerated Distributors Pvt Ltd for the assessment year 2009-10. The Revenue’s appeal, which raised questions regarding the disallowance of alleged bogus purchases and the application of a profit rate, was dismissed by the High Court on the grounds that no substantial question of law arose from the facts of the case as litigated in the lower forums. The dispute originated during the assessment o...