Petition dismissed; petitioner allowed to submit detailed disclosures and documents for re-consideration; notices for 2019-23 may be adjudicated on me...
Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
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ITAT modified the order of the Ld. CIT(A), holding that discrepancies in a third-party GST return cannot alone sustain an addition under s. 69C. The Tribunal found admitted purchases of Rs. 30,42,821 (not Rs. 76,10,580) and concluded the Assessing Officer's estimate was excessive. ITAT directed the AO to compute unexplained income by applying a gross profit rate of 5% on the admitted total purchases, thereby reducing the addition previously upheld by the CIT(A). The appeal of the assessee is partly allowed and remitted for assessment in accordance with this direction.
ITAT modified the order of the Ld. CIT(A), holding that discrepancies in a third-party GST return cannot alone sustain an addition under s. 69C. The Tribunal found admitted purchases of Rs. 30,42,821 (not Rs. 76,10,580) and concluded the Assessing Officer's estimate was excessive. ITAT directed the AO to compute unexplained income by applying a gross profit rate of 5% on the admitted total purchases, thereby reducing the addition previously upheld by the CIT(A). The appeal of the assessee is partly allowed and remitted for assessment in accordance with this direction.
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