ITAT Mumbai Upholds 3% Profit Addition on Bogus Purchases; Full Disallowance Rejected

DCIT Vs Amar Ghanasingh (ITAT Mumbai)

ITAT Mumbai Upholds 3% Profit Addition on Alleged Bogus Purchases – Sales Accepted, Entire Disallowance Unsustainable

Assessee, engaged in manufacturing & trading of jewellery under the name M/s Amar Ghanasingh, was alleged to have made purchases worth ₹9.40 crore from five entities linked to the Bhanwarlal Jain Group, identified as accommodation entry providers. AO held these purchases to be non-genuine, rejected books u/s 145(3), & made an addition of ₹75.24 lakh (8%) as

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