Assessing Officer had not disputed corresponding sales transactions, purchases also could not be bogus and, thus, the addition made on account of bogus purchases to be deleted. Matter remanded to the Tribunal only to the limited extent of going into gross profit rate(AY 2010 -11, 2011-12)
PCIT v. Nitin Ramdeoji Lohia [2023] 457 ITR 446/291 Taxman 469 (Bom.)(HC)
S. 69C : Unexplained expenditure-Bogus purchases-Information was received from Sales Tax Department-Sales was not disputed-Purchases cannot be deleted-Matter remanded to the Tribunal only to the limited extent of going into gross profit rate. [S. 145, 148], 254(1), 260A