AdvertisementPCIT Vs Hitesh Mody (HUF) (Bombay High Court) The Bombay High Court considered the Revenue’s appeal challenging the order dated 24.05.2017 of the Income Tax Appellate Tribunal (ITAT), which had allowed the assessee’s appeal in part and dismissed the Revenue’s appeal. The Revenue proposed substantial questions of law relating to the Tribunal’s affirmation of the Commissioner of Income Tax (Appeals) [CIT(A)] restricting the addition on alleged bogus purchases to 8% under Section 69C of the Income-tax Act, 1961. The assessee was engaged in the business of trading chemicals...