No Substantial Question of Law in Profit Estimation on Bogus Purchases: Bombay HC

PCIT-27 Vs Rajendra M. Pawar (Bombay High Court) Bombay High Court holds no substantial question of law arises on estimation of profit in bogus/ unproved purchases The Bombay High Court, in a recent decision has held that the estimation of profit percentage in bogus/ unproved purchases by the Assessing Officer which was subsequently reduced by the Income Tax Appellate Tribunal does not result in a substantial question of law. Accordingly, the appeal filed by the Income Tax Department was dismissed in favor of the Respondent Assessee. FULL TEXT OF THE JUDGMENT/ORDER OF BOMBAY HIGH COURT 1. This...