ITAT Delhi Deletes Sundry Debtors Addition for Jeweller, Restricts Bogus Purchases to 10%

Vijay Kumar Gupta Vs ITO (ITAT Delhi) ITAT Delhi Grants Partial Relief to Jeweller – Sundry Debtors Addition Deleted, Purchases Restricted to 10% Assessee, a jeweller, filed appeal against order of NFAC confirming additions made in scrutiny assessment. AO had assessed total income after adding Rs.15,20,750/- as unconfirmed sundry debtors & Rs.9,40,000/- as bogus purchases. AO noted that sundry debtors could not be verified as notices u/s 133(6) returned unserved. He therefore added Rs.15,20,750/- to income. CIT(A) confirmed. Tribunal observed that sales corresponding to these debtors wer...