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Bogus Purchase Addition Limited to Profit Element Only: ITAT Chennai
Case Law Details
- Case Name
- ACIT Vs EI Instrumentation Pvt. Ltd. (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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ACIT Vs EI Instrumentation Pvt. Ltd. (ITAT Chennai)
Bogus Purchase Allegation Diluted: ITAT Upholds GP-Based Addition Where Sales Accepted and Adverse Material Not Confronted
The Chennai Bench of the ITAT, in ACIT v. EI Instrumentation Pvt. Ltd. (AY 2018-19), dismissed the Revenue’s appeal against restriction of addition on alleged bogus purchases. The AO had reopened the assessment based on Investigation Wing information alleging accommodation bills from M/s Barbrik Consultancy Pvt. Ltd. and disallowed the entire purchase amount of ₹1.21 crore under section 69C, despite t...
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