Bombay HC Upheld 100 percent additions on bogus purchase

PCIT Vs Drisha Impex Pvt. Ltd. (Bombay High Court) Bombay High Court has ruled in favor of the Principal Commissioner of Income Tax (PCIT) against Drisha Impex Pvt. Ltd., setting aside an order by the Income Tax Appellate Tribunal (ITAT) and confirming the Assessing Officer’s (AO) decision to add back 100% of alleged bogus purchases to the assessee’s income for Assessment Years 2009-10 and 2010-11. The case originated from the reopening of the assessment based on information suggesting that purchases made by Drisha Impex were non-genuine. The AO disallowed ₹6,15,71,284, represent...