Bombay HC Directs ITAT to Re-Consider Addition made on Bogus Purchase

PCIT Vs Nitin Ramdeoji Lohia (Bombay High Court) Introduction: The Income Tax Appellate Tribunal (ITAT) passed a common order for three assessment years in the case of PCIT vs. Nitin Ramdeoji Lohia. The Revenue filed three separate appeals challenging the ITAT’s order. The Bombay High Court, in its judgment on 21st October 2022, disposed of two of the appeals, but remanded this appeal (ITXA No. 685 of 2018) to the ITAT for re-consideration on a specific issue. Analysis: The case involves an assessee engaged in the business of trading in industrial oil and transport services. The Income T...