https://www.taxtmi.com/caselaws?id=759752 The ITAT Jaipur allowed the assessee's appeal in a second round of litigation involving assessment under section 153A. The case concerned bogus purchase vouchers allegedly used for money laundering to claim section 80HHC deductions through hawala transactions. The tribunal found that the AO failed to verify transactions as directed by the HC in the first round and improperly rejected books of account without satisfying section 145(3) conditions. The CIT(A)'s addition of 25% of unverifiable purchases was deleted as the assessee's gross profit rate exceeded the HC's benchmark for such cases, supported by comparable cases and partner's statement confirming 50% profit margins. en-us Thu, 01 Aug 2024 00:00:00 +0530 Mon, 07 Oct 2024 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759752 The ITAT Jaipur allowed the assessee's appeal in a second round of litigation involving assessment under section 153A. The case concerned bogus purchase vouchers allegedly used for money laundering to claim section 80HHC deductions through hawala transactions. The tribunal found that the AO failed to verify transactions as directed by the HC in the first round and improperly rejected books of account without satisfying section 145(3) conditions. The CIT(A)'s addition of 25% of unverifiable purchases was deleted as the assessee's gross profit rate exceeded the HC's benchmark for such cases, supported by comparable cases and partner's statement confirming 50% profit margins. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759752