Assessing Officer added the purchases as bogus. On appeal Tribunal restricted the addition to the extent of gross profit rate on purchases at same rate as applied in other genuine purchases. On appeal high Court affirmed the Order of the Tribunal. Followed, Pr. CIT v. Mohommad Haji Adan & Co (2019) 103 taxmann.com 459 (Bom)(HC),PCIT v. Paramshakti Distributors (P.) Ltd (Bom)(HC). (IT Appeal No. 413 of 2017, dated 15-7-2019]
PCIT v. Anil Jagannath Tiwari (2023) 153 taxmann.com 539 (Bom)(HC) Editorial : SLP of Revenue is dismissed due to low tax affect, PCIT v. Anil Jagannath Tiwari (2023) 294 Taxman 517 (SC)
S. 69C : Unexplained expenditure-Bogus purchases-No discrepancy between purchases shown and sales declared-Only gross profit ratio can be applied-Order of Tribunal is affirmed. [S.260A]