Purchases Linked With Sales & GP Rates Comparable: ITAT deletes ₹9.6 Cr Addition

ITO Vs Pradeep Kumar Agarwal (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur Bench, delivered a judgment in the case of ITO Vs Pradeep Kumar Agarwal concerning the disallowance of substantial purchases made by the assessee, Pradeep Kumar Agarwal, a proprietor of M/s Shiv Enterprises, engaged in the trading of mustard oil cake and groundnut oil cake. The Revenue appealed against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, which had deleted a disallowance of Rs. 9,60,01,182/− treated as unexplained expenditure...