Sales Accepted, Books Not Rejected: ITAT Cuts Bogus Purchase Addition to 5%

Pankaj Bhanwarlal Dhaddha Vs ITO (ITAT Mumbai) Sales Accepted, Books Not Rejected: ITAT Cuts Bogus Purchase Addition to 5% The Mumbai ITAT granted substantial relief to a trader in steel and nickel alloys by directing the Assessing Officer to restrict the addition on alleged bogus purchases to 5%, following the Tribunal’s own decision in the assessee’s case for the subsequent assessment year. The assessment was reopened based on information received from the Sales Tax Department alleging that the assessee had obtained accommodation bills from certain suspicious dealers. The Assessing Offic...