{"id":46619,"date":"2024-09-22T21:14:44","date_gmt":"2024-09-22T15:44:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-hitesh-mody-huf-2024-298-taxman-162-bom-hc\/"},"modified":"2024-09-22T21:14:44","modified_gmt":"2024-09-22T15:44:44","slug":"pcit-v-hitesh-mody-huf-2024-298-taxman-162-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-hitesh-mody-huf-2024-298-taxman-162-bom-hc\/","title":{"rendered":"PCIT v. Hitesh Mody (HUF) (2024) 298 Taxman 162 (Bom.)(HC)"},"content":{"rendered":"<p>Assessing Officer disallowed\u00a0 entire purchases, considering it unexplained expenditure under section 69C of the Act.\u00a0\u00a0 On appeal, Commissioner (Appeals) held\u00a0 that since Assessing Officer did not doubt genuineness of payments made through banking channels and accepted total sales, entire purchases couldn&#8217;t be disallowed.\u00a0 Instead, only profit element was considered, restricting unexplained expenditure to 8 per cent of total purchases.\u00a0 Tribunal accepted factual finding recorded by Commissioner (Appeals). On appeal dismissing the appeal of the Revenue the Court held that\u00a0 since both Commissioner (Appeals) and Tribunal concluded, based on facts, that 8 per cent was a reasonable figure, there was no justification for interfering with orders of lower authorities. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 69C : Unexplained expenditure-Bogus purchases-Order of Tribunal  restricting 8 % of purchase  is affirmed. [S.260A] <\/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-46619","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-c7V","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/46619","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=46619"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/46619\/revisions"}],"predecessor-version":[{"id":46620,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/46619\/revisions\/46620"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=46619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=46619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=46619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}