Addition u/s 68 Should Be Restricted To Extent Of Gross Profit At Same Rate Of Genuine Purchases: ITAT [Read Order]

The Bench further observed that the gross profit ratio without alleged bogus purchases and corresponding sales is 5.407%, which will result in an addition of 0.3% of alleged bogus purchases of ₹1,15,86,557/-which would be minuscule.
ITAT Updates -ITAT 2024 -ITAT ruling Section 68 Rate - genuine purchases - Gross profit - TAXSCAN

The Bench of the Income Tax Appellate Tribunal ( ITAT ) comprising observed that addition under section 68 of the Income Tax Act, 1961 should be restricted to extent of gross profit at same rate of genuine purchases. On scrutiny of the assessee, Murtuza Abdul Gaffar Khan’s return, the Assessing Officer ( AO ) found…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader