Alleged bogus purchases made by the assessee from dealers without supply of actual goods

Last updated: 17 September 2021
Quick Summary
The Income Tax Appellate Tribunal dismissed an appeal by the Revenue concerning alleged bogus purchases made by M/s. Futura Infraprojects Ltd. from hawala dealers. While the assessee failed to prove the genuineness of some purchases, the tribunal upheld additions for specific bills and directed a disallowance of 9.44% for others, aligning with the Gross Profit ratio for the assessment year.

Court :
ITAT Mumbai

Brief :
The revenue has filed the present appeal against the order dated 26.11.2019 passed by the Commissioner of Income Tax (Appeals) -02 Mumbai [hereinafter referred to as the “CIT(A)”] relevant to the A.Y.2010-11.

Citation :
I.T.A. No.661/Mum/2020

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