Section 37 Bogus Purchase & Section 69A Gold Addition Deleted: ITAT Mumbai

Advertisement Jagdishkumar Madanlal Gupta Vs DCIT (ITAT Mumbai) The ITAT Mumbai disposed of cross appeals filed by the assessee and the Revenue against the order of the CIT(A) for Assessment Year 2023-24. The assessee challenged the addition relating to alleged bogus purchases under Section 37(1), while the Revenue challenged the restriction of the bogus purchase addition and the deletion of the protective addition relating to gold bullion seized during search. Regarding the bogus purchases, the Tribunal noted that the assessee had produced invoices, e-way bills, ledger accounts and bank st...