Wednesday, October 24, 2018

AO couldn't restrict sec. 69C additions on basis of GP ratio if assessee failed to produce materials purchased

IT: Where on basis of information received from Sales Tax authorities, Assessing Officer found that assessee was beneficiary of bogus purchase bills and assessee could not produce any material purchased by it nor it could ensure presence of supplier, Assessing Officer was unjustified in limiting addition under section 69C on basis of GP ratio

from www.taxmann.com Latest Case Laws https://ift.tt/2OMptza

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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