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Only Profit Element Taxable in Bogus Purchase Cases: ITAT Mumbai
Case Law Details
- Case Name
- ITO Vs Ashokkumar Kothari (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Ashokkumar Kothari (ITAT Mumbai)
Only Profit Element Taxable in Bogus Purchase Cases: ITAT Mumbai Upholds 20% Estimation Where Sales Are Accepted
The Mumbai Bench of the ITAT dismissed the Revenue’s appeal for AY 2010-11 and affirmed the order of the CIT(A) restricting the disallowance on account of alleged bogus purchases to 20% of the purchase value, instead of the 100% disallowance made by the Assessing Officer. The assessee, engaged in trading of plywood, timber and laminate sheets, was alleged to have obtained accommodation purchase bills from hawala operators based on informatio...
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