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Bogus Purchases: Bombay HC upholds 100% of addition under Section 69C
Case Law Details
- Case Name
- PCIT Vs Ganesh Developers (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All High Courts, Bombay High Court
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PCIT Vs Ganesh Developers (Bombay High Court)
The Bombay High Court addressed an appeal by the revenue concerning alleged bogus purchases made by Ganesh Developers, a real estate firm, during the assessment year 2010-11. The Assessing Officer (AO) had initially added a significant sum under Section 69C of the Income Tax Act, 1961, due to unexplained expenditures related to these purchases. The Commissioner of Income Tax (Appeals) [CIT(A)] partially allowed the assessee’s appeal, deleting additions for most suppliers but retaining 12.5% of the additions for purchases from M/s Neptune Trad...
