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ITAT Mumbai Upholds 3% Profit Addition on Bogus Purchases; Full Disallowance Rejected
Case Law Details
- Case Name
- DCIT Vs Amar Ghanasingh (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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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 estimated profit from bogus purchases. During the assessment, Assessee...
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