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Non-response to summons by 3rd party cannot be reason for addition towards bogus purchase
Case Law Details
- Case Name
- DCIT Vs Surender Kumar Jain (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Surender Kumar Jain (ITAT Delhi)
ITAT Delhi held that addition under section 69C of the Income Tax Act towards bogus purchases cannot be sustained merely for failure on the part of 3rd party in not responding to the summons. Addition set aside since genuineness of transaction proved.
Facts- The assessee is engaged in the business of trading of gold and silver bullion in the name of proprietorship concern M/s. S.K. Impex. The assessee made purchase form M/s. Bombay Gold Lab (proprietor Shri Pravin Patil) in the sum of Rs. 2,79,52,732/- during the year under consideration which was treat...
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