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ITAT Restricts Bogus Purchase Addition to 5% Profit Element: ITAT Delhi
Case Law Details
- Case Name
- ITO Vs Shankar Metal & Alloys (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Shankar Metal & Alloys (ITAT Delhi)
ITAT Restricts Bogus Purchase Addition to 5% Profit Element; Revenue’s Plea for Entire Addition Rejected
The Delhi ITAT dismissed the Revenue’s appeal seeking addition of the entire bogus purchases as unexplained expenditure under section 69C. The assessee, engaged in trading of non-ferrous metal scrap and manufacturing of aluminium ingots, was alleged to have made purchases from a paper concern controlled by an accommodation entry provider. Based on this information, the Assessing Officer reopened the assessment and added ₹1.64 cror...
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