Gujarat HC Upholds 6% Addition as Bogus Purchase Estimation Was Based on Concurrent Findings

Dilkhush Annraj Babel Vs ITO (Gujarat High Court) The Gujarat High Court dismissed a group of tax appeals filed by assessees engaged in the business of trading in diamonds, holding that no substantial question of law arose from the common order of the Income Tax Appellate Tribunal. The appeals challenged the reopening of assessments, rejection of books of account, estimation of profit on alleged bogus purchases, denial of cross-examination, applicability of Section 153C instead of Section 147, and the Tribunal’s confirmation of 6% addition on disputed purchases. The assessments for the r...