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
ITA 117/ASR/2024[2014-2015]Status: DisposedITAT Amritsar29 Jan 2025AY 2014-2015
Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay
For Appellant: Sh. Ashwani Kalia, C.A
Section 143(1)Section 143(3)Section 144BSection 147Section 148Section 263Section 263(1)
bogus purchases ignoring the fact that the net profit rate of 2% is arrived at by the AO after accounting for all the expenses as the addition made was .over and above net income declared by the assessee,
6. That the ld.Pr.CIT-1, Amritsar has erred in holding that the assessment order framed falls within the Explanation 2 of section