Partial Tax Relief on Alleged Bogus Purchases Due to Profit Already Declared

Kritika Jain Vs ITO (ITAT Delhi) ITAT Partly Deletes Addition on Alleged Bogus Purchases – Profit Already Offered in Books, Double Taxation Not Justified Assessee, engaged in lubricant & rubber trading, originally filed return declaring income of ₹20,52,910. The case was reopened based on Investigation Wing report alleging bogus purchases of ₹65,60,000 from Manjeet Singh (Gupta Trading Co.). AO applied 12.5% profit rate on the purchases and made addition of ₹8,20,000 u/s 69C, without rejecting books. CIT(A) upheld reopening and confirmed the addition. Before Tribunal: Assessee rais...