Entire amount cannot be added to income when assessee is not able to prove the genuineness of the party
Last updated: 26 December 2022
Court :
ITAT Ahmedabad
Brief :
The ITAT, Ahmedabad in the case of M/s. Accra Pac (India) Pvt. Ltd. v. D.C.I.T [ITA No. 514/Ahd/2018 dated November 07, 2022], partially allowed the appeal of the assessee against the order passed by the Revenue Department confirming the addition of unexplained deposit as bogus purchases on the ground that the assessee was not able to prove the genuineness of the party. Held that, only 10% of the purchase would be added to the Appellant’s income in case where the Appellant was unable to prove the supplier’s identity. Further remanded back the matter for verification.
Citation :
ITA No. 514/Ahd/2018 dated November 07, 2022
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Bimal Jain
Published in Corporate Law
Views : 319
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