ACIT- 19 (2), MUMBAI vs. NEW LOOK BRASSIERE CO., MUMBAI

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ITA 6906/MUM/2018Status: DisposedITAT Mumbai20 December 2019AY 2010-116 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the entire bogus purchases could not be added back as sales were not disputed. It further reduced the addition to 6% over and above the GP declared by the assessee on the alleged bogus purchases.

What were the facts?

The Revenue appealed against the CIT(A)'s order which restricted an addition on account of bogus purchases to 12.5%. The assessee filed cross-objections challenging the validity of reassessment and the confirmation of the addition to some extent.

What were the issues?

Whether the entire amount of alleged bogus purchases can be added back to the income of the assessee, and the validity of reassessment proceedings.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “SMC”, MUMBAI

Before: SHRI VIKAS AWASTHY

For Respondent: Shri R.Bhoopathi, DR

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to :

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