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ITAT restricted hawala party purchases disallowance to 25% of bogus purchase
Case Law Details
- Case Name
- ITO-19(3)(1) Vs Salem Steel Industries (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Mumbai
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ITO-19(3)(1) Vs Salem Steel Industries (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has dismissed an appeal by the Revenue Department, upholding the Commissioner of Income Tax (Appeals) [CIT(A)] decision to restrict the disallowance for ‘bogus purchases’ to 25% of the total amount. The case centered on transactions made by a firm from two parties, M/s. Shree Sundha Steels Pvt. Ltd. and M/s. Metalex Tube Industries, which the Investigation Wing had identified as fictitious concerns providing only accommodation entries.
The Core Issue: Fictit...
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