Tag Archives: IN THE ITAT KOLKATA BENCH

Bogus purchase additions based on mere suspicion and estimation without book defects must be deleted. Issue Whether the Assessing Officer and the CIT(A) were justified in sustaining an addition for alleged bogus purchases based on third-party search statements, despite the assessee providing comprehensive quantitative reconciliations, direct Section 133(6) confirmations, and faultless audited books of account.… Read More »

CIT(A) was justified in deleting Section 68 addition as the share sale transaction was fully substantiated. Issue Whether the Commissioner of Income-tax (Appeals) [CIT(A)] was justified in deleting an addition made by the Assessing Officer under Section 68 on account of an alleged bogus sale of unlisted equity shares by the amalgamating companies prior to… Read More »