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ITAT Delhi Deletes Sundry Debtors Addition for Jeweller, Restricts Bogus Purchases to 10%
Case Law Details
- Case Name
- Vijay Kumar Gupta Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Vijay Kumar Gupta Vs ITO (ITAT Delhi)
ITAT Delhi Grants Partial Relief to Jeweller – Sundry Debtors Addition Deleted, Purchases Restricted to 10%
Assessee, a jeweller, filed appeal against order of NFAC confirming additions made in scrutiny assessment. AO had assessed total income after adding Rs.15,20,750/- as unconfirmed sundry debtors & Rs.9,40,000/- as bogus purchases.
AO noted that sundry debtors could not be verified as notices u/s 133(6) returned unserved. He therefore added Rs.15,20,750/- to income. CIT(A) confirmed. Tribunal observed that sales corresponding to these debtors wer...
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