ITAT upholds Addition made on 5% Estimate basis on Bogus Purchase [Read Order]

ITAT - upheld - Addition - Estimate basis - Bogus Purchase - ITAT upholds Addition - income tax -taxscanBogus Purchase income tax

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition made by Commissioner of Income Tax (Appeals)[CIT(A)] on a 5% estimated basis on bogus purchase. The assessee Silmohan Gems Private Limited is engaged in the business of trading and manufacturing of diamonds.  After filing the return of income under regular provisions…

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