Dismissing the appeal the Court held that the Tribunal was justified in estimating the disallowance of the alleged bogus purchases at six per cent. relying on the decision in Mayank Diamonds Pvt. Ltd. v. ITO, (2014) 11 TMI 812 against the 100 Der cent. disallowance of the purchases made by the Assessing Officer.(AY. 2013-14)
PCIT v. Atul Kailashchand Mehta.(2025) 476 ITR 460 (Guj)(HC)
S. 69C : Unexplained expenditure-Bogus purchases-Information from Investigation Wing-Restriction of disallowance by Tribunal to 6 per cent. justified.[143(3), 147, Art. 226]
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