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Partial Relief for IIECL: ITAT Holds Only Profit Margin Taxable, Restricts Addition on ₹92.20 Lakh Bogus Purchases to 5% [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that only the profit margin was taxable and restricted the addition on ₹92.20...
Partial Relief for IIECL: ITAT Holds Only Profit Margin Taxable, Restricts Addition on ₹92.20 Lakh Bogus Purchases to 5% [Read Order]
The Tribunal observed that while the company had produced purchase bills and made payments through banking channels for transactions worth ₹92.20 lakh with M/s. Siddh Syndicate, it failed to furnish transport evidence such as delivery challans or vehicle details.
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Kavi Priya
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Yogitha S. Yogesh
Rupesh Sharma
Saagarika Gopinath
Navasree A.M
