Reassessment Quashed: ₹50L Threshold Not Met; GP Addition Held Double Taxation; Bogus Purchase Case Won: ITAT Ahmedabad

Centurion Laboratories Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) Reassessment Quashed – Escaped Income Below Rs 50 Lakh Threshold GP Addition Held Double Taxation – Bogus Purchase Case Decided in Assessee’s Favour: ITAT Ahmedabad The AO reopened assessment alleging bogus purchases of ₹4.09 Cr from an accommodation entry provider and added GP @13.85% amounting to ₹48.09 lakh. ITAT observed that actual purchases debited were ₹3.47 Cr (after excluding IGST) and alleged escaped income worked out to only ₹48.09 lakh, which is below the ₹50 lakh monetary threshold under sec 149(1)(b). Hence...