Gujarat HC Restricts Bogus Purchase to 6% Following Earlier Year Ruling

PCIT Vs Mohit Pukhraj Kawdiya (Gujarat High Court) High Court Dismisses Revenue’s Appeal: Tribunal’s Restriction of Disallowance to 6% on Bogus Purchases Upheld Following Precedent in Assessee’s Own Case The Gujarat High Court dismissed the Revenue’s tax appeal filed under Section 260A of the Income Tax Act, 1961, for Assessment Year 2013–14, thereby upholding the order of the Income Tax Appellate Tribunal, Surat. The appeal challenged the Tribunal’s decision restricting the disallowance on alleged bogus purchases to 6 percent instead of the 100 percent addition made by the Assessi...