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Circular Trading Not Bogus, 12.5% Purchase Addition Deleted
Case Law Details
- Case Name
- ACIT Vs Kamlesh Deoraj Jain (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Rajkot
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ACIT Vs Kamlesh Deoraj Jain (ITAT Rajkot)
Circular Trading Not Equivalent to Fictitious Transactions-ITAT Rajkot Upholds Deletion of 12.5% Addition on Alleged Bogus Purchases;
The Rajkot Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) deleting an addition of ₹2.94 crore made by applying a flat rate of 12.5% on alleged bogus purchases for AY 2017-18. The Assessing Officer had rejected the books under section 145(3) and treated purchases from M/s Ankur Chemfood Ltd. as bogus, alleging circular trading without actual movement of goods, and relied on precede...
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