Bombay HC Upholds 15% Profit Addition on Bogus Purchases – Rejects Full Addition

PCIT Vs Ramelex Private Ltd (Bombay High Court) Bombay HC Upholds 15% Profit Addition on Bogus Purchases – No Question of Law – Dismisses Revenue’s Appeal- Reliance on Sales Tax Data Alone Insufficient – Revenue’s Appeal Dismissed in Hawala Purchase Case Bombay High Court dismissed the Revenue’s appeal, upholding the ITAT’s order restricting addition on bogus purchases to 15% of alleged Hawala purchases, relying on the Gujarat High Court ruling in CIT v. Simit P. Sheth (356 ITR 451) Assessee, engaged in power transmission projects, was alleged to have made bogus purchases of ...