ITAT confirms 12.5% gross profit margin on alleged bogus purchases

DCIT Vs Nilesh Shantilal Tank (ITAT Mumbai) The recent ruling by the Mumbai Income Tax Appellate Tribunal (ITAT) on the case of DCIT Vs Nilesh Shantilal Tank has brought clarity on the treatment of alleged bogus purchases. This detailed analysis delves into the intricacies of the case, examining the arguments presented by both the assessee and the Revenue, and the ultimate decision reached by the tribunal. The case revolved around the Assessment Year (A.Ys.) 2013-14 and 2014-15, with both the assessee and the Revenue disputing the findings of the Commissioner of Income Tax (Appeals) (CIT(A)). ...