ITAT has restricted the addition of income on account of bogus purchases, at the same gross profit rate as that of the other genuine purchases.
Last updated: 22 January 2021
Court :
ITAT Mumbai
Brief :
This is an appeal by the Revenue wherein the Revenue is aggrieved that thelearned Commissioner of Income Tax (Appeals)-45, Mumbai (‘ld.CIT(A) for short)dated 21.01.2019 has reduced the addition for bogus purchase of Rs.3,12,24,345/- done @ 100% by the Assessing Officer (A.O. for short) by sustaining only 5% for the assessment year (A.Y.) 2011-12.
Citation :
ITA No. 3094/Mum/2019
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Published in Income Tax
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