₹4.05 Cr Addition Reduced to ₹12.5L by ITAT in Bogus Entry Case

Vinod Gupta Vs ITO (ITAT Jaipur) Conclusion: Addition of unexplained credits was restricted to Rs. 12,50,000/- and estimated the profit element on inflated purchases obtained through bogus accommodation entries, while deleting the bulk of the Rs. 4,05,71,650/- addition made by AO. Held: Assessee was engaged in agro-based trading, faced reassessment for Assessment Year (AY) 2017-18 based on information from a survey under Section 133A conducted at premises linked to Shri Ashok Kumar Gupta and associates. The survey revealed accommodation entries for non-genuine purchases and sales provided to v...