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ITAT Delhi Cuts Bogus Purchase Addition to 15% & Upholds 153C Jurisdiction
Case Law Details
- Case Name
- JPS Buildtech Pvt Ltd Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Delhi
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JPS Buildtech Pvt Ltd Vs DCIT (ITAT Delhi)
Tribunal dealt with four cross-appeals arising from search-linked assessments u/s 153C in the case of JPS Buildtech Pvt Ltd following seizure of incriminating tally data from Sanjay Jain—an admitted accommodation entry operator. The jurisdictional objection was rejected as seized ledgers & tally records clearly pertained to Assessee & established nexus with undisclosed transactions, satisfying the requirement of valid satisfaction u/s 153C.
On merits, AO treated entire purchases from entities linked to Sanjay Jain as bogus, ...
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