Inability to Produce parties of Bogus Purchases and Requesting AO for Additions to Returned Income: ITAT restricted Addition from 12.5% to 6% [Read Order]

Inability - Produce parties of Bogus Purchases - Requesting - Returned Income - ITAT - restricted - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) restricted the addition from 12.5% to 6% due to the inability to produce the parties of bogus purchases and requests made to the Assessing Officer for additions to the returned income. The Assessing Officer observed that the assessee made a total purchase of Rs. 88,32,789/-…

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