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Bogus Purchase Addition Deleted as Genuine Purchases Proved: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Bonlon Industries Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Bonlon Industries Ltd. (ITAT Delhi)
The Delhi ITAT disposed of Revenue appeals and the assessee’s cross-objections arising from orders of the CIT(A)/NFAC deleting additions made on account of alleged bogus purchases and related transactions involving RCI Industries & Technologies Ltd.
For Assessment Year 2018-19, the Assessing Officer had reopened the assessment and made an addition of ₹9.16 crore by estimating 12.5% of purchases from RCI Industries as bogus. The Revenue relied primarily on investigation reports, retrospective cancellation of the supplier’s G...
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