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Bogus Purchases from Five Hawala Suppliers: ITAT Delhi Restricts Profit Estimation to 8%
Case Law Details
- Case Name
- Suraj Narang Vs Assessing Officer (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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Suraj Narang Vs Assessing Officer (ITAT Delhi)
Assessee, Suraj Narang (HUF), engaged in yarn trading under the name “Love Kush Yarn”, filed return for AY 2018-19 declaring ₹7,11,350. Based on departmental information, AO reopened assessment u/s 147 on 29.03.2022 alleging that Assessee had made bogus purchases of ₹4,65,88,878 from five hawala entities—Shree Balaji Wooltex, Radha Kanheya Export, Sri Rameshwaram International, Soni Textiles & Shree Bankey Bihari Enterprises.
Assessee did not file return in response to 148, nor comply with repeated 142(1) notices. AO...
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