S. 69C : Unexplained expenditure-Bogus purchases-Order of Tribunal affirming the 7% of GP rate is affirmed-No substantial question of law. [S. 143(3), 260A]
The ITAT has restricted the addition only to the extent of 7 % of GP in respect of alleged bogus purchases. On appeal by the Revenue the dismissing the appeal the Court held that no substantial question of law arises from the order of the Tribunal. Honourable Court relied on PCIT v. SVD Resins & Plastics Pvt. Ltd. (2024) 300 Taxman 503 (Bom)(HC) (1662 of 2018 dt. 7-8-2024) & Ashok Kumar Rungta v .ITO (2024) 301 Taxman 580 (Bom)(HC) (1753 of 2018 dt. 15-10-2024) (ITA No. 1015 of 2018 dt. 9-1-2025)
PCIT v. Pravin U. Parmar (Jain) ( Bom)( HC) www.itatonline.org.
(Coram : Hon’ble Shri Justice M. S. Sonak & Hon’ble Shri Justice Jitendra Jain)