Bogus purchase - AO added the entire amount of bogus purpose ...

Court Upholds Assessing Officer's Decision to Add Full Amount of Alleged Bogus Purchases; Gross Profit Ratio Not Applied.

September 6, 2023

Case Laws Income Tax AT

Bogus purchase - AO added the entire amount of bogus purpose instead of GP ratio - CIT(A) deleted the additions - there is nothing on record which demonstrates the quantitative movement of the stock against the alleged purchases, except for existence of bills, their accounting entries and payment through banking channel, we are inclined to set aside the order of Ld. CIT(A) and uphold the addition made by the AO. - AT

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Bogus purchase - AO added the entire amount of bogus purpose ...

Court Upholds Assessing Officer's Decision to Add Full Amount of Alleged Bogus Purchases; Gross Profit Ratio Not Applied.

September 6, 2023

Case Laws Income Tax AT

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