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Bogus Purchase Disallowance Limited to 6% Due to Genuine Sales
Case Law Details
- Case Name
- ACIT Vs Parul Diamond (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Parul Diamond (ITAT Mumbai)
Bogus Purchase Saga Ends With 6% GP — Once Sales Accepted, Only Profit Element Taxable -ITAT Mumbai Rejects 100% Disallowance
Revenue challenged restriction of addition to 6% of alleged bogus purchases of Rs. 6,66,602 from Mohit Enterprises, stated to be a Bhawarlal Jain accommodation entry concern, while Assessee (a diamond trader) filed CO seeking full deletion and attacking reopening u/s 148.
Assessee had filed purchase bills, sales register, stock book, bank statements, export realisation certificates, confirmation from supplier, and an affidavit of pr...
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