CIT(A) rightly restricted 6% additions towards bogus purchase as assessee engaged in trading activities: ITAT

INCOME TAX : Where assessee failed to produce any of suppliers to confirm transactions of purchases shown by it, however, at same time, assessee was in possession of purchase invoices and ledger confirmation as well as PAN of suppliers was also placed on record and payment to suppliers was made through banking channels, Commissioner (Appeals) was justified in restricting addition at rate of 6 per cent on account of bogus purchasesINCOME TAX : Where assessee failed to produce any of suppliers to confirm transactions of purchases shown by it, however, at same time, assessee was in possession of purchase invoices and ledger confirmation as well as PAN of suppliers was also placed on record and payment to suppliers was made through banking channels, Commissioner (Appeals) was justified in restricting addition at rate of 6 per cent on account of bogus purchaseswww.taxmann.com Latest Case LawsRead More

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