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Gross Profit

Estimation of Gross Profit Rate and Unverifiable Purchases: ITAT Upholds CIT(A)'s Decision to Limit GP to 1% [Read Order]

Sneha Sukumaran Mullakkal

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]'s decision to limit the gross profit...

Assessment Converted from limited to Unlimited Scrutiny without Approval: ITAT Remands Case [Read...

ITAT Deletes Penalty u/s 271(1)(c) on Estimated GP Addition for Alleged Bogus Purchases [Read Order]

Gross Profit Rate Increase: ITAT Upholds CIT(A)'s Reduction from ₹1.01 Cr to ₹10.21 Lakh [Read...

Denial of Hearing: ITAT directs Fresh Adjudication of Addition at 8% of the Gross Profit [Read...

Circular Transactions within Group Entities not Considered Income for Assessee: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that circular transactions within group entities would not be considered income for the assessee. V.V. Titanium Pigments Pvt.Ltd...

Unverified Sellers: ITAT upholds 20% Addition on Alleged Bogus Purchases [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld a 20% addition on alleged bogus purchases due to unverified sellers. The tribunal reduced the original 25% disallowance, agreeing...

Allegation Bogus Purchase: ITAT confirms Gross profit at 12 .5% as Sales are not Disputed [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal( ITAT) confirmed the addition made by Income Tax Authorities on the gross profit margin @ 12.5% on the alleged bogus purchase by the assessee....

Gross Profit Rate of 5% against 0.69% Made on Addition of Bogus Purchase is too High: Bombay HC Remands Matter to ITAT [Read Order]

The Bombay High Court has held that the gross profit rate of 5% against 0.69% made on the addition of bogus purchases is too high and remanded the matter to Income Tax Appellate Tribunal (ITAT) to...

PCIT wrongly invokes Revisionary Powers u/s 263 of IT Act on order issued by AO with Sufficient Enquiry: ITAT revives Assessment Order [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently revived the assessment order and held that it was not justified for the PCIT to invoke the revisionary powers under Section...

No Evidence to Prove Bogus Purchase, Addition on Account of Estimated Gross Profit not permissible: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that addition on account of estimated gross profit is not permissible in the absence of evidence to prove a bogus purchase. ...

No Evidence of Suppression of Gross Profit by obtaining Bogus Purchase: Delhi HC Deletes Income Tax Addition [Read Judgment]

An addition on account of Gross profit under the Income Tax Act, 1961 is not permissible in the absence of the evidence of suppression of gross profit by obtaining bogus purchase, the Delhi High...