ITAT Directs GP-Based Addition as Jewellery Purchases Formed Part of Sales & Closing Stock

Vineet Agarwal Vs ACIT (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal filed by the assessee for Assessment Year 2017-18 against the order of the Commissioner of Income Tax (Appeals), Lucknow, which had sustained an addition of Rs.1,92,47,792 on account of alleged bogus purchases of jewellery. The assessee, an individual engaged in the trading business of bullion and jewellery, earned business income along with income from house property and interest income. The accounts of the assessee were audited, and during the assessment proceedings, all ...