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Tribunal Applies Real Income Theory, Restricts Additions to 10% of Bogus Purchases
Case Law Details
- Case Name
- Saket Agrawal Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Saket Agrawal Vs ITO (ITAT Delhi)
Tribunal Applies Real Income Theory, Restricts Additions to 10% of Purchases & 115BBE Not Applicable to AY 2017-18
Assessee, engaged in trading of optical frames through proprietorship concerns Prerna Impex & Kailadevi Overseas, appealed against the order of NFAC which upheld multiple additions made in scrutiny assessment u/s 143(3).
AO noted large cash deposits in SBN during demonetization (Rs.2.20 crores in Prerna Impex), alleged bogus purchases from four local parties & discrepancies in sundry creditors. Based on survey findings...
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