ITAT Dismisses Department’s Appeal, Upholds 5% Bogus Purchase Addition & Deletes Penalty [Read Order]

The Tribunal also considered the Department’s arguments based on PCIT v. Premlata Tekriwal but found that the facts were distinguishable
By Adwaid M S - On April 18, 2025 1:10 pm - 2 mins read
ITAT bogus purchase ruling - 5% bogus purchase addition - ITAT tax appeal decision- taxscan

The Income Tax Appellate Tribunal (ITAT) Surat Bench has dismissed the Department’s appeals, confirming the restriction of bogus purchase addition to 5% and deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The appellant, Borda Brothers, a firm engaged in the diamond trade, had filed its return of income for Assessment Year…

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