ACIT vs Rashmikant V. Shah

Authority: ITAT Tribunal/Court: Mumbai Date: 2020-01-20 AY: 2009-10 Section: 148, 133(6), 69C Acts: Income Tax Act 1961 Result: Assessee Citation: 120Taxpundit199 Justices: SHAMIM YAHYA, AM & AMARJIT SINGH, JM Appeal No: I.T.A. No.7409/Mum/2018
Whether addition for bogus purchases should be made on the entire purchase amount or only on the profit element embedded therein --- Held: Only on the profit element (12.5% of bogus purchases).

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