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No Addition for ‘Bogus Purchases’ When Exports, Stock Records & Quantitative Tally Match
Case Law Details
- Case Name
- Nirjay Diamond Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Nirjay Diamond Vs DCIT (ITAT Mumbai)
No Addition for ‘Bogus Purchases’ When Exports, Stock Records and Quantitative Tally Match
The Mumbai ITAT deleted an addition of ₹2.18 crore made by estimating 12.5% profit on alleged bogus purchases from entities linked to the Bhanwarlal Jain Group, holding that the Revenue cannot disregard documented purchases merely on the basis of general investigation reports when the assessee has established a complete trail of goods and exports.
The assessee, a partnership firm engaged in manufacturing and export of polished diamonds and semi-precious stones, ...
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