Estimation of income - bogus purchases - We admit additional ...

Court Orders Verification of MVAT Payments in Bogus Purchases Case; Income Addition Capped at 2.5% if Verified.

September 11, 2020

Case Laws Income Tax AT

Estimation of income - bogus purchases - We admit additional evidence being MVAT paid by the assessee for the concerned assessment years on the impugned purchases. We direct the Assessing Officer to examine the veracity of these MVAT paid @ 4% by the assessee. If the same are found in order, in accordance with the ITAT decision as above addition should be restricted to 2.5% of the impugned purchases. - AT

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Estimation of income - bogus purchases - We admit additional ...

Court Orders Verification of MVAT Payments in Bogus Purchases Case; Income Addition Capped at 2.5% if Verified.

September 11, 2020

Case Laws Income Tax AT

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