ITAT Pune Upholds Estimation of Profit @8% When Assessee Fails to Prove Purchases & Creditors

Style Quotient Jewellery Pvt. Ltd. Vs ACIT (ITAT Pune) ITAT Pune Upholds Estimation of Profit @8% When Assessee Fails to Prove Purchases & Creditors The assessee company engaged in trading of gold, silver and diamond jewellery filed its return declaring a loss of ₹1.89 crore. During limited scrutiny, the AO examined sundry creditors and sales promotion expenses. On verification, notices issued u/s 133(6) to several creditors either remained unserved or unanswered, and the assessee failed to produce supporting documents such as purchase bills, GRN, VAT returns, bank trail and financial st...