ITAT reduces disallowance of bogus purchases to 2%

R R Carwell Pvt. Ltd. Vs DCIT (ITAT Delhi) Disallowance of bogus purchases reduced to 2% when existence of some parties proved and payments were routed through bank Facts- The assessee is engaged in the application/job-work of Auto Additives and Car care Products across various two-wheelers and four-wheelers authorized service centers. It filed its ROI on 25.09.2012 declaring income of Rs.58,04,170/-. The return was duly processed under section 143(1) determining the returned income. During assessment proceedings, the assessee could not produce the principle officer/director of M/s White Colla...