Dismissing the appeal of the revenue the Court held that where assessee purchased from suspicious dealers, fact of consumption of goods was undisputed, hence entire purchases could not be taxed. Only profit element on such purchases could be brought to tax. (AY. 2009-10, 2010-11, 2011-12]
PCIT v. Bharat Copy Centre (P.) Ltd. [2023] 155 taxmann.com 211 (Bom)(HC)
S. 69C: Unexplained expenditure-Bogus purchases-Information from sales tax department-Suspicious dealers-Only profit attributable on total purchase consideration could be subject to income-tax-Not entire purchase.[S. 260A]