CIT(A) Deletes Inflation Addition u/s 153C; AO's Claims Lacked Evidence of Inflated Purchases by Assessee.

CIT(A) Deletes Inflation Addition u/s 153C; AO's Claims Lacked Evidence of Inflated Purchases by Assessee. https://www.taxtmi.com/highlights?id=60150 Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment under section 153C - The AO simply made the addition on ad hoc basis without relying upon any admissible evidence of inflation of purchases by the assessee. The addition was made without any basis and on ad hoc basis only. CIT(A) has rightly deleted the addition. - AT en-us Mon, 18 Oct 2021 09:28:37 +0530 Mon, 18 Oct 2021 09:28:37 +0530 TaxTMI RSS Generator CIT(A) Deletes Inflation Addition u/s 153C; AO's Claims Lacked Evidence of Inflated Purchases by Assessee. https://www.taxtmi.com/highlights?id=60150 Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment under section 153C - The AO simply made the addition on ad hoc basis without relying upon any admissible evidence of inflation of purchases by the assessee. The addition was made without any basis and on ad hoc basis only. CIT(A) has rightly deleted the addition. - AT Highlights Income Tax Mon, 18 Oct 2021 09:28:37 +0530 https://www.taxtmi.com/highlights?id=60150