Tribunal held that the sanction by Principal CIT is vali and reassessment is valid. As regards the addition income is estimated at 10% of alleged bogus purchases.(AY. 2011-12)
Leelaben Kantilal Parekh v. ITO (2023) 37 NYPTTJ 1724 / (2024) 227 TTJ 257 (SMC) (Mum)(Trib)
S. 69C: Unexplained expenditure-Bogus purchases-Disallowance is restricted to 10 percent of alleged bogus purchases-Reassessment is valid-Sanction-Sanction granted by Principal CIT is valid.[S. 147, 148, 151]