JALALABAD SOLVEX PRIVATE LTD,JALALABAD vs. PR COMMISSIONER OF INCOME TAX , AMRITSAR-1, PR COMMISSIONER OF INCOME TAX

In the result, the appeal filed by the assessee is allowed

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

bogus purchase amounting to Rs.3.34 crores were required to be added to the assessee’s total income u/s 69 of the Act. It was also pointed out in the audit report that even if it is to be presumed that the assessee company has made purchase from the gray market and the said purchases have been shown in the books