ITAT Restricts Bogus Purchase Addition to Rs 10 Lakh And Deletes Balance Rs 87.03 Lakh The Income Tax Appellate Tribunal (ITAT) Delhi has granted relief to Shyam International by restricting an addition made on account of bogus purchases, estimating the profit element at Rs 10 lakh, and deleting the addition of Rs 87.03 lakh. The…
ITAT Restricts Bogus Purchase Addition to 8% Profit Element, Grants Major Relief to Taxpayer The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has provided huge relief to taxpayer Pruthvi Singh Solanki for Assessment Year 2018-19. The Tribunal partly allowed the appeal and reduced the addition of tax made by the Income Tax Department. The taxpayer…
Entire Purchases Cannot Be Treated As Bogus Merely Relying on Information Received From Sales Tax Dept: ITAT In a case involving alleged bogus purchases amounting to Rs 44.40 lakh, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has granted significant relief to Marvell Nutex Private Limited. The case pertains to the Assessment Year 2011-12. In…
ITAT Delhi Upholds Rs 1.34 Crore Addition on Demonetisation Cash Deposits And Holds Purchase Transactions Non-Genuine The Income Tax Appellate Tribunal (ITAT) Delhi, dismissed assessee’s appeal and sustains addition under Section 69A after finding inconsistencies in cash sales and due to lack of supporting evidence for purchases The assessee under the name Garima Leather Exports,…
Supreme Court reaffirms that in bogus purchase cases estimation of profit element is valid The assessee, an individual engaged in diamond trading through his proprietorship concern, filed his return for AY 2013–14 declaring modest income. Based on information from a search conducted on the Gautam Jain Group, the Assessing Officer alleged that the assessee had…
HC Upholds Deletion of Rs. 5.04 Cr Bogus Purchase Addition Lacking Evidence The assessee filed return for AY 2012–13 declaring income of Rs. 9.90 lakh, which was initially assessed under Section 143(3). Subsequently, based on information from the Investigation Wing alleging transactions with M/s Keshav Impex (an alleged accommodation entry provider), the assessment was reopened…
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