Untraceable Suppliers: Only 5% Profit Taxable on Purchases

ACIT Vs Meerut Roller Flour Mills (P) Ltd. (ITAT Delhi)

ITAT Delhi: Bogus Purchases Cannot Be Added in Full – Profit Element @5% Sustained Where Suppliers Untraceable; Revenue Appeal Partly Allowed

The Delhi Bench “F” of the ITAT delivered a consolidated order in ACIT v. Meerut Roller Flour Mills (P) Ltd. (AY 2009-10), partly allowing the Revenue’s appeal and dismissing the assessee’s appeal as infructuous

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