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Addition in case of bogus purchases restricted to the extent of gross profit involved in business
Case Law Details
- Case Name
- Bhavesh Punmaji Devasi Vs ITO (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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Bhavesh Punmaji Devasi Vs ITO (ITAT Mumbai)
ITAT Mumbai held that 100% addition in case of bogus purchases unsustainable. Notably, addition to the extent of rate of gross profit in case of bogus purchase is duly sustained.
Facts- The assessee is an individual running a proprietary concern in the name and style of Bhavik Metal, engaged in the business of trading in ferrous and non-ferrous metals.
Based on the information from Sales Tax Department and Directorate General of Income Tax (Investigation), Mumbai [DGIT (Inv.)] that the assessee is one of the beneficiaries of the bogus purchase bills ...
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