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Income Estimation in Circular Trading Fails Without Incriminating Evidence
Case Law Details
- Case Name
- Subhkaran & Sons Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Subhkaran & Sons Vs DCIT (ITAT Mumbai)
ITAT Mumbai: Estimation of Income in Alleged Circular Trading—Additions Deleted for Lack of Evidence
The Mumbai ITAT (C Bench) dealt with cross-appeals by Subhkaran & Sons and the Revenue for AYs 2013-14 to 2017-18 arising from search assessments under section 153A. The Assessing Officer alleged accommodation/circular trading using LC facilities and, after rejecting books under section 145(3), estimated additional income at 7% of turnover. The CIT(A) partly allowed relief by restricting the addition to 0.5% of sales, holding that regular trading...
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