Section 69C: Bogus Purchases – 7% GP Rate Affirmed by Bombay HC

PCIT Vs Pravin U. Parmar (Jain) (Bombay High Court) In the case of PCIT vs. Pravin U. Parmar (Jain), the Bombay High Court addressed an appeal concerning alleged bogus purchases. The Revenue argued that the Income Tax Appellate Tribunal (ITAT) erred in restricting the addition to only 7% of the purchases. The appellant sought the admission of the case based on substantial questions of law. However, the respondent’s counsel defended the ITAT’s decision, stating there was no conclusive evidence to substantiate the claims of bogus purchases, as highlighted in paragraph 7 of the ITAT&#...