PARESHKUMAR BABULAL KADHI,MUMBAI vs. ACIT 27(2)(5), MUMBAI

PDF · subscribers
ITA 5806/MUM/2018Status: DisposedITAT Mumbai30 September 2019AY 2011-127 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal, following a precedent, reduced the estimated profit on bogus purchases from 12.5% to 5%. This was done considering the assessee's declared GP ratio and the applicable VAT slab.

What were the facts?

The assessee, engaged in trading, had purchases treated as bogus by the AO, who added a profit element of 12.5%. The CIT(A) sustained this addition. The assessee argued that their declared GP ratio was higher and the VAT rate was lower than the estimated profit.

What were the issues?

The primary issue was the correctness of the profit addition made on alleged bogus purchases and the quantum of such addition.

Which sections of the Income-tax Act were involved?

Section 148,Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to : 1. अपीलाथी/ The Appellant प्रत्यथी/ The Respondent 2. 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT- concerned 5. यवभागीयप्रयतयनयि, आयकरअपीलीयअयिकरण, मुंबई/ DR, ITAT,

More judgments on Section 148

All 35,022 judgments and leading authorities on Section 148 →

Recent GST High Court judgments

Search GST case law →