ITO - 33(1)(4), MUMBAI Vs DINESH GUPTA, MUMBAI

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Last updated: 30 October 2020
Quick Summary
This Income Tax Appellate Tribunal (ITAT) case involved an appeal by the Revenue against a decision that reduced a disallowance for bogus purchases. The Assessing Officer had initially added back 100% of the alleged bogus purchases of Rs. 5,82,838/-. However, the Commissioner of Income Tax (Appeals) reduced this to 12.5%. The ITAT upheld the CIT(A)'s decision, noting that when sales are not in doubt, a 100% disallowance for purchases is not legally permissible. Nevertheless, considering the purchases were made from the 'grey market', the 12.5% disallowance was deemed to meet the ends of justice.

Court :
ITAT Mumbai

Brief :
This is an appeal by the assessee wherein the Revenue is aggrieved that the learned Commissioner of Income Tax (Appeals)-45, Mumbai (‘ld.CIT(A) for short) dated 27.02.2019 has reduced the addition for bogus purchase of Rs.5,82,838/- done by the Assessing Officer @ 100% by sustaining only 12.5%.

Citation :
ITA No.3601/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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