100% Bogus Purchase Addition Restored by SC as Partial Disallowance Found Contrary to Section 69C

Advertisement Kanak Impex (India) Ltd Vs PCIT (Supreme Court of India) The dispute arose from reassessment proceedings for Assessment Year 2009–10 concerning the assessee’s alleged bogus purchases amounting to ₹20,06,80,150/-. The assessee was engaged in trading iron and steel and originally declared income of ₹2,84,700/-, which was assessed at ₹3,86,250/- under Section 143(3). Later, based on information from the DGIT (Inv.)/Sales Tax Department indicating purchases from hawala bill providers, the Assessing Officer reopened the case under Sections 147/148. Repeated notices issue...