ITAT Grants Relief on Bogus Purchases Allegations

Quick Summary

The Income Tax Appellate Tribunal (ITAT) has granted relief to an assessee concerning allegations of bogus purchases. The revenue department appealed an order from the Commissioner of Income Tax (Appeals) that had provided relief to the assessee. The case involved alleged bogus purchases of Rs. 52.00 Lacs from nine entities, which led to the reopening of the assessment. Despite the assessee providing purchase bills and bank statements, the Assessing Officer made an aggregate disallowance of Rs. 41.34 Lacs.

Court :
ITAT Mumbai

Brief :
Aforesaid appeal by revenue for Assessment year [AY in short] 2010-11 contest the order of Ld. Commissioner of Income Tax (Appeals)-36, Mumbai [in short CIT(A) ] dated 26/08/2019 which has provided certain relief to the assessee on account of alleged bogus purchases.

Citation :
I.T.A. No.6893/Mum/2019

Daily Limit Reached