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Section 69C Not Applicable to Recorded Purchases: ITAT Delhi Deletes 12.5% Estimation
Case Law Details
- Case Name
- Vinod Kumar Goyal Vs NFAC (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Delhi
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Vinod Kumar Goyal Vs NFAC (ITAT Delhi)
Section 69C Can’t Be Used for Recorded Purchases: No 145(3), No Disallowance—ITAT Delhi Deletes 12.5% Estimation
Assessee, engaged in trading of iron & steel, faced addition of ₹1.03 crore by estimating profit @12.5% of purchases, invoking s.69C on the allegation of bogus purchases, merely because notices u/s 133(6) issued to suppliers were not complied with. AO accepted sales, did not reject books u/s 145(3), and brought to tax only the so-called “profit element”. NFAC confirmed the addition without independent findings.
ITAT Delhi allowed ...
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