{"id":5193,"date":"2019-04-28T14:19:59","date_gmt":"2019-04-28T14:19:59","guid":{"rendered":"http:\/\/itatonline.org\/digest\/xcit-v-nandkishor-huaschand-jalan-2019-412-itr-357-gujhc\/"},"modified":"2019-04-28T14:19:59","modified_gmt":"2019-04-28T14:19:59","slug":"xcit-v-nandkishor-huaschand-jalan-2019-412-itr-357-gujhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/xcit-v-nandkishor-huaschand-jalan-2019-412-itr-357-gujhc\/","title":{"rendered":"xCIT  v. Nandkishor Huaschand Jalan. (2019)  412 ITR 357 (Guj)(HC)"},"content":{"rendered":"<p>The AO added outstanding credits in the name of various alleged bogus purchases . The CIT (A) restricted the additions to the profit element of 25 per cent. Both the assessee and the Department filed appeals before the Tribunal both of which were rejected. \u00a0Dismissing the appeal of the revenue\u00a0 High Court up held the order of the Tribunal. (Referred N.K Proteins Ltd SLP No (C) 769 of 2017 , Vijay Proteins\u00a0Ltd v. CIT ( 2018) 409 ITR 3 (St)(SC), N.K. Industries Ltd v. Dy.CIT ( 2016) 72 taxmann.com 289 (Guj) (HC) \u00a0) \u00a0\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.69C: Unexplained  expenditure \u2013 Bogus purchases \u2013 Sundry creditors &#8211;  Only profit element embedded in credits can be taxed- Restricted  to 25% of element of profit . [ S.37 , 69A ]<\/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":[1],"tags":[],"class_list":["post-5193","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1lL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5193","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=5193"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5193\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=5193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=5193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=5193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}