https://www.taxtmi.com/caselaws?id=313266 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding bogus purchases estimation. PCIT held AO's assessment erroneous for not considering SC's N.K. Protein decision and inadequate inquiry. ITAT found AO conducted proper inquiry and N.K. Protein decision dated 16.01.2017 was rendered after assessment completion on 02.03.2016, thus no obligation to consider it. Since assessee linked purchases with sales, only profit element warranted addition. AO's 10% addition on bogus purchases was reasonable compared to 100% in N.K. Protein involving search/seizure with incriminating evidence. PCIT's s.263 exercise was invalid. AO's order restored. Decided for assessee. en-us Wed, 31 Oct 2018 00:00:00 +0530 Mon, 08 Apr 2024 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313266 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding bogus purchases estimation. PCIT held AO's assessment erroneous for not considering SC's N.K. Protein decision and inadequate inquiry. ITAT found AO conducted proper inquiry and N.K. Protein decision dated 16.01.2017 was rendered after assessment completion on 02.03.2016, thus no obligation to consider it. Since assessee linked purchases with sales, only profit element warranted addition. AO's 10% addition on bogus purchases was reasonable compared to 100% in N.K. Protein involving search/seizure with incriminating evidence. PCIT's s.263 exercise was invalid. AO's order restored. Decided for assessee. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313266