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Bogus Purchase Addition U/s 69C Deleted – Export Sales Stock Records Proved Genuineness: ITAT Mumbai
Case Law Details
- Case Name
- Bhagyesh A. Patel Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Bhagyesh A. Patel Vs ACIT (ITAT Mumbai)
Bogus Purchase Addition U/s 69C Deleted – Export Sales Stock Records Proved Genuineness – ITAT Mumbai
In this case, the AO reopened the assessment based on DGIT (Inv) information alleging that purchases from M/s Khushi Gems Pvt. Ltd. were accommodation entries linked to the Gautam Jain group. The AO treated purchases of ₹2.22 Cr as bogus & made addition u/s 69C, which was confirmed by CIT(A).
Before ITAT, the assessee demonstrated that purchases were supported by invoices, bank payments, stock register, ledger accounts & corresponding expor...
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