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    Income Tax

    ITAT modified multiple additions in a tax appeal concerning...

    Tax Appeal: Bogus Purchases Get 5% Profit Rate, Director's Personal Money Claims Accepted, Flat Deal Additions Modified

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    Income TaxFebruary 26, 2025Case LawsAT

    ITAT modified multiple additions in a tax appeal concerning bogus purchases and unexplained money. For contested purchases of Rs. 13,80,63,994, ITAT directed application of 5% profit rate, restricting addition to Rs. 69,03,200, consistent with preceding assessment years. Regarding unexplained money evidenced in seized documents from Director's premises, addition was deleted as Director claimed personal ownership in statement u/s 132(4). For unaccounted flat transactions of Rs. 17,42,000, ITAT applied 5% profit rate, resulting in addition of Rs. 87,100. On disputed entries marked as "6kg" and "7kg", ITAT modified addition to Rs. 1,30,000 total, considering subsequent retraction and lack of corroborative evidence. Revenue's appeals were partly allowed across all issues.

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    ActsIncome Tax
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