ITAT Mumbai restricts addition to 7% of  of value of bogus purchases

Noble Corporation Vs ITO (ITAT Mumbai)

Background: The case involves appeals filed by Noble Corporation against the orders passed by the CIT(A)-45, Mumbai, for the assessment years 2009-10 and 2010-11. The Assessing Officer (AO) made additions relating to alleged bogus purchases made by the assessee.

Key Points:

• The Assessing Officer, based on information from the Sales Tax Department, reopened the assessments and asked the assessee to prove the genuineness of purchases from suspicious dealers.

Please become a Premium member. If you are already a Premium member, login here to access the full content.