Gujarat HC Dismisses Appeal as Only Profit Element of Bogus Purchases Taxable

PCIT Vs Sunilkumar Parasmal Jain (Gujarat High Court) The Gujarat High Court adjudicated a tax appeal filed under Section 260A of the Income Tax Act, 1961, challenging an order of the Income Tax Appellate Tribunal (ITAT), Surat dated 06.05.2024 for Assessment Year 2010–11. The appeal raised multiple questions of law concerning the correctness of the Tribunal’s decision to uphold the restriction of addition on alleged bogus purchases to 6% instead of 100%. The case originated from information received from the Investigation Wing, Mumbai, indicating that a group engaged in providing accommod...