{"id":29872,"date":"2022-09-17T19:17:13","date_gmt":"2022-09-17T13:47:13","guid":{"rendered":"https:\/\/itatonline.org\/digest\/nagardas-kanji-shah-2022-the-chambers-journal-march-p-115-mum-trib\/"},"modified":"2022-09-17T19:17:13","modified_gmt":"2022-09-17T13:47:13","slug":"nagardas-kanji-shah-2022-the-chambers-journal-march-p-115-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/nagardas-kanji-shah-2022-the-chambers-journal-march-p-115-mum-trib\/","title":{"rendered":"Nagardas Kanji Shah ( 2022) The Chamber\u2019s Journal -March \u2013 P. 115 ( Mum) ( Trib)"},"content":{"rendered":"<p>The AO assessed the income of the assessee by making the addition of 12.5% of alleged bogus purchases . PCIT passed the revision order directing to make entire bogus purchases . On appeal the Tribunal\u00a0 quashed the revision order . Referred the judgement in PCIT v. Paramshakhti\u00a0 distributors Pvt Ltd\u00a0 (ITA No. 413 of 2017 ) where in the Court held that only the profit element embodied in such purchases only brought to tax . ( ITA No. 359\/ Mum\/ 2021 dt . 17 -12 -2021 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner &#8211; Revision of orders prejudicial to revenue \u2013 Bogus purchases \u2013 Addition of 12. 5% of alleged bogus purchases \u2013 Revision is not valid [ S. 143(3) ]   <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29872","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7LO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29872"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29872\/revisions"}],"predecessor-version":[{"id":29873,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29872\/revisions\/29873"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}