Tribunal held that the assessee has produced purchase invoices, ledger account, payment details and PAN. Restricting 6% of alleged bogus purchases is held to be justified. Disallowance of expenses was held to be not justified. (AY. 2012-13 to 2015-16)
DCIT v. Lucent Diamond (2021) 189 ITD 581 (Mum.)(Trib.)
S. 69C : Unexplained expenditure-Bogus purchases-Import and export of diamonds-Purchase invoices, ledger account, payment details and PAN was produced-Restricting 6% of alleged bogus purchases is held to be justified-Disallowance of expenses was held to be not justified. [S. 132, 143(3)]