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Acit, Circle-6(2)(1),Mumbai, Mumbai vs M/S. Creo Lifestyles P. Ltd., Mumbai on 24 February, 2022 cites

Pooja Paper Trading Co. Ptv. Ltd vs Income Tax Officer 4 (3)(1) on 25 February, 2019

5. We heard the Ld.DR submissions and perused the material on record. The sole crux of the disputed issue as envisaged by the Ld.DR that the CIT(A) has restricted the addition to the extent of 12.5% of the bogus purchases considering profit element embedded. We found that the CIT(A) has dealt on the facts and considered the Hon'ble High Court decision and took a view. Further, We find the Jurisdictional Honble High Court in the case of Pooja Paper Trading Co. Vs. ITO, (104 taxmann.com 95) and Honble Gujarat High court in CIT Vs. Simit P Sheth (2013) (356 ITR 451) has upheld the disallowance @ 12.5% on such purchases.
Bombay High Court Cites 5 - Cited by 7 - M S Sanklecha - Full Document

Commissioner Of Income-Tax-I vs Simit P on 16 January, 2013

5. We heard the Ld.DR submissions and perused the material on record. The sole crux of the disputed issue as envisaged by the Ld.DR that the CIT(A) has restricted the addition to the extent of 12.5% of the bogus purchases considering profit element embedded. We found that the CIT(A) has dealt on the facts and considered the Hon'ble High Court decision and took a view. Further, We find the Jurisdictional Honble High Court in the case of Pooja Paper Trading Co. Vs. ITO, (104 taxmann.com 95) and Honble Gujarat High court in CIT Vs. Simit P Sheth (2013) (356 ITR 451) has upheld the disallowance @ 12.5% on such purchases.
Gujarat High Court Cites 5 - Cited by 965 - A Kureshi - Full Document
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