Analysing AO making additions on Peak Purchase Credit

CA Divyajeet Singh Sabharwal , Last updated: 20 January 2024  
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The Income Tax Appellate Tribunal (ITAT) has stirred the tax landscape with a recent ruling holding that the Assessing Officer (AO) cannot make additions on peak purchase credit if the ITAT itself had applied a 4% gross profit (GP) rate to bogus purchases from a previous year. This judgment, with fa

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Published by

CA Divyajeet Singh Sabharwal
(Accounts and Finance Analyst)
Category Income Tax   Report

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