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Addition restricted to 25% in case of bogus purchase
Case Law Details
- Case Name
- Sumer Chand Jain Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-2011
- Courts
- All ITAT, ITAT Delhi
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Sumer Chand Jain Vs ITO (ITAT Delhi)
ITAT Delhi held that addition in case of bogus purchases is restricted to the extent of 25% of the purchases. As lower authorities made addition of 25% of bogus purchase, the same is sustainable.
Facts- The assessee individual is engaged in the business of trading in export handicraft goods and jewellery. For AY 2010-11, the assessee filed his return on 28.09.2010 declaring income of Rs. 6,31,180/-. It was processed under section 143(1) of the Income Tax Act, 1961 (the “Act”). Subsequently, the assessment was reopened by issue of notice under section 14...
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