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Mumbai ITAT Quashes Section 263 Revision: AO’s 25% Bogus Purchase Addition Held to Be a Possible View
Case Law Details
- Case Name
- Lavesh Agarwal Vs PCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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Lavesh Agarwal Vs PCIT (ITAT Mumbai)
Mumbai ITAT Quashes Section 263 Revision: AO’s 25% Bogus Purchase Addition Held to Be a Possible View
The Mumbai ITAT quashed the revisionary order passed under Section 263, holding that where the Assessing Officer had conducted detailed enquiries and adopted a possible view by estimating profit at 25% of alleged bogus purchases, the PCIT could not invoke revision merely because he preferred 100% disallowance.
The assessee, engaged in the scrap trading business, had disclosed purchases of about ₹168.85 crore, out of which purchases of ₹139.10 crore we...
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