This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
ITAT Restricted Addition made by AO to 2% of Bogus Purchases
Case Law Details
- Case Name
- Surana Enterprises Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Surana Enterprises Vs ITO (ITAT Delhi)
The issue under consideration is whether the addition made by AO u/s 69C by considering the purchases as Bogus Purchase is justified in law?
ITAT states that, in present case, the assessee has shown sales of the goods, or otherwise the goods are lying in the closing stock. If the goods have been sold, the assessee in its trading operation has disclosed the resultant gross profit.Assessee submitted that goods purchased by the assessee has not entered in quantity terms in the books of accounts of the assessee and same has been sold during the year at market...
