INCOME TAX OFFICER, MUMBAI vs. P. LALIT & CO., MUMBAI

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ITA 5980/MUM/2025Status: DisposedITAT Mumbai30 April 2026AY 2013-1412 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to restrict the addition to 3% of the profit element, agreeing that the entire amount of bogus purchases should not be treated as undisclosed income. The appeals filed by the Revenue were dismissed.

What were the facts?

The assessee, a diamond trading firm, was found to have made bogus purchases from paper concerns. The Assessing Officer made an addition of 100% of these purchases, but the CIT(A) restricted the addition to 3% of the profit element.

What were the issues?

Whether the addition for bogus purchases should be 100% or restricted to the profit element, and whether the CIT(A) erred in restricting the addition based on previous year's assessment and judicial precedents.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 69C,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, C” BENCH, MUMBAI

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ�/ The Appellant 1. ��थ�/ The Respondent. 2. आयकर आयु�/ The CIT 3. �धान आयकर आयु�/ Pr.CIT 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, मुंबई/ DR, ITAT, 5. Mumbai गाड� फाईल / Guard file. 6.

आदेशा नुसार/ BY ORDER,

स�ािपत �ित //True Copy// उप/सहायक पंजीकार /(Dy./Asstt. Registrar) आयकर अपीलीय अिधकरण, मुंबई / ITAT, Mumbai

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