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Case Law Details

Case Name : Parnami Pump & Projects Pvt. Ltd. Vs DCIT (ITAT Delhi)
Related Assessment Year : 2009-10
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Parnami Pump & Projects Pvt. Ltd. Vs DCIT (ITAT Delhi)

Bogus Purchases Cannot Be Wholly Disallowed Without Disallowing Sales Only Gross Profit (GP) Rate Should Be Added as Undisclosed Income

We find that the Assessing Officer had issued summons u/s.131 to the proprietor of the said entity from whom assessee has made purchases, but that remained uncomplied with nor assessee could produce the party. However, on the other hand, the sources of purchase have gone from the books of the assessee and there is a corresponding sale. In such a situation at the most

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Author Bio

Mr.Kapil Goel B.Com(H) FCA LLB, Advocate Delhi High Court advocatekapilgoel@gmail.com, 9910272804 Mr Goel is a bachelor of commerce from Delhi University (2003) and is a Law Graduate from Merrut University (2006) and Fellow member of ICAI (Nov 2004). At present, he is practicing as an Advocate View Full Profile

My Published Posts

ITAT should not direct Remand on Legal & Factual Issues: Telangana HC Only Actual Income Earned from Bogus Sale & Purchase can be Taxed as Income Mechanical Approval Under Section 153D Without entry in Order Sheet is Fatal Delhi HC Quashes Section 148 Notices Due to Approval by Incompetent Authority under Taxation & Relaxation Law Non-Furnishing of Section 151 Approval Reasons Fatal to Reopening: SC View More Published Posts

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