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Entire Bogus Purchase Cannot Be Added: ITAT Limits Taxation to Profit Element
Case Law Details
- Case Name
- S R Jewels Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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S R Jewels Vs ITO (ITAT Mumbai)
Entire Bogus Purchase Cannot Be Added — ITAT Limits Taxation to Profit Element Only
The Mumbai SMC Bench of the Income Tax Appellate Tribunal partly allowed the assessee’s appeal for AY 2009-10 and held that the entire value of alleged bogus purchases cannot be brought to tax, even where purchases are held to be from accommodation entry providers.
The assessee, a diamond trader, was alleged to have obtained bogus purchase bills of ₹49.21 lakh from a concern of the Bhanwarlal Jain group. While the Assessing Officer treated the entire purchase amount as unex...
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