ITO Vs Arvind Ratanchand Jain

Only Profit, Not Full Purchases Taxable: ITAT Reduces Alleged Bogus Purchase Addition from 25% to 12.5% The ITAT Mumbai dismissed the tax authorities’ appeal concerning how much income should be added when purchases are considered doubtful or non-genuine. The tribunal held that in cases related to alleged bogus purchases, only the profit portion in such…