SC Declines Interference as No Substantial Question of Law Arose on 6% Bogus Purchase Addition

PCIT Vs Prathana Gems (Supreme Court of India) The Supreme Court dismissed the Special Leave Petition (SLP) filed by the Revenue against the Gujarat High Court judgment in the case concerning alleged bogus purchases linked to accommodation entries provided by the Bhanwarlal Jain Group. The Court condoned the delay but declined to interfere with the High Court’s order while exercising jurisdiction under Article 136 of the Constitution, resulting in dismissal of the SLP. The dispute arose from Assessment Year 2014-15. The assessee had filed a return declaring nil income. Based on information...