ITAT Chennai Limits Bogus Purchase Addition to 10% Profit, Upheld 153C Satisfaction

DCIT Vs Southern Agrifurane Industries Pvt Ltd (ITAT Chennai) 153C Satisfaction Upheld, But 100% Bogus Purchase Addition Replaced with 10% Profit Estimation The Chennai Bench of the Income Tax Appellate Tribunal dealt with cross-appeals arising from assessments completed under section 153C. These proceedings were triggered by a search conducted on the SNJ Group, during which incriminating documents were also seized from the premises of M/s. Crystal Bottles. The Assessing Officer (AO) invoked section 153C against Southern Agrifurane Industries Pvt. Ltd., alleging that the seized materials perta...