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ITAT Mumbai Restricts Bogus Purchase Addition to Profit element
Case Law Details
- Case Name
- Chinar Gems 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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Chinar Gems Vs ITO (ITAT Mumbai)
Bogus Purchase addition restricted to profit element -Kanak Impex Ruling distinguished : ITAT Mumbai
In a consolidated ruling for AYs 2010-11 & 2011-12, Mumbai ITAT dismissed cross-appeals by Chinar Gems & the Revenue over additions on alleged bogus diamond purchases from Daksh Diamonds, part of the Bhanwarlal Jain accommodation entry network.
AO, relying on Investigation Wing findings & statements from the Jain group, treated the entire purchases of ₹84.23 lakh (AY 2010-11) as bogus u/s 69C. Assessee had furnished bills, bank payments, confirma...
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