Entire Bogus Purchases Cannot Be Added When Sales Accepted: ITAT Dehradun Restricts Addition to 4%

Atul Kumar Agarwal Vs National e-Assessment Centre (ITAT Dehradun) Entire Bogus Purchases Cannot Be Added When Sales Accepted – ITAT Dehradun Restricts Addition to 4% Profit Element in Rice Mill Case The Dehradun Bench of the ITAT partly allowed the appeal of a rice-milling proprietor for AY 2018-19 and held that 100% disallowance of alleged bogus purchases u/s 69C is unsustainable when production, quantitative records and sales are accepted. Only the profit element embedded in such purchases can be brought to tax. The Assessing Officer, relying solely on third-party survey statements of all...