Gujarat HC Upholds 6% Addition on Bogus Purchases Due to Embedded Profit Element

PCIT Vs Prathana Gems (Gujarat High Court) In , the Gujarat High Court dismissed the Revenue’s tax appeal filed under Section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal (ITAT), Surat, for Assessment Year 2014-15. The dispute related to additions made on account of alleged bogus purchases from entities linked to the Bhanwarlal Jain Group, which was alleged to be engaged in providing accommodation entries and non-genuine purchase bills. Read SC Judgment in this case: SC Declines Interference as No Substantial Question of Law Arose on 6% Bogus Purchase Ad...