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Income Tax - Highlights / Catch Notes

Home Highlights October 2021 Year 2021 This

Addition on account of inflation of purchases - suppliers were ...

Income Tax

October 18, 2021

Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment under section 153C - The AO simply made the addition on ad hoc basis without relying upon any admissible evidence of inflation of purchases by the assessee. The addition was made without any basis and on ad hoc basis only. CIT(A) has rightly deleted the addition. - AT

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