ITO 26 (2)(3), MUMBAI vs NISCHAL CHANDRASHEKHAR SHETTY, MUMBAI

Last updated: 28 November 2020
Quick Summary
The Income Tax Appellate Tribunal (ITAT) heard an appeal from the revenue department regarding an addition for bogus purchases. The Assessing Officer had initially added back 100% of the alleged bogus purchases. However, the Commissioner of Income Tax (Appeals) reduced this to 15%, noting that the assessee's sales had not been doubted. The ITAT upheld the CIT(A)'s decision, stating that a 100% disallowance is not permissible when sales are genuine, but found that a 12.5% disallowance was appropriate given the circumstances of grey market purchases.

Court :
ITAT Mumbai

Brief :
This is an appeal by the revenue wherein the revenue is aggrieved that Learned Commissioner of Income Tax (Appeals) [in short learned CIT(A)] has reduced the addition for bogus purchase of Rs. 8,39,328/- done @ 100% by Assessing Officer by sustaining only 15%.

Citation :
I.T.A. No. 1875/Mum/2019

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Judgements Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience.

 

Guest
Published in Income Tax
Views : 109
downloaded 277 times
Share Report Abuse
Comments


Recent Judgments :

  1. CESTAT: Service Tax Demand Based Solely on ITR Data Unsustainable; 40% Valuation Applicable to Original Works Contract
  2. CESTAT: Renting Vehicles on Per-Trip Basis Not Taxable as Supply of Tangible Goods
  3. CESTAT Denies Refund of Ocean Freight Service Tax Claim Filed Beyond Limitation
  4. CESTAT Quashes Service Tax Demand Based Merely on Form 26AS; Renting of Residential Hostel Held Non-Taxable
  5. CESTAT: Rajasthan Sales Tax Subsidy under RIPS 2010 Not includible in Excise Assessable Value
  6. CESTAT: Late Payment Charges in the Nature of Interest Not Taxable as Declared Service
  7. CESTAT: Educational Services Exempt Under Section 66D; Extended Period Cannot Be Invoked Without Wilful Suppression
  8. CESTAT: No Service Tax on Royalty under RCM if Mining Lease Was Executed Before 1 April 2016
  9. No pre-deposit required for filing appeal before the GSTAT against penalty-only orders where proceedings commenced prior to October 01 2025
  10. Refund cannot be withheld under Section 54(11) of the CGST Act merely because the Revenue contemplates filing an appeal

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member RaviRaviPro Member RAMBIR singhRAMBIR singhPro Member SivakumarSivakumarPro Member Ashish AgrawalAshish AgrawalPro Member veeramaniram rajuveeramaniram raju
Subscribe to Pro
Join an elite circle of professionals

Browse by Category




Latest Job Openings

View all
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details