https://www.taxtmi.com/caselaws?id=192484 The ITAT Mumbai allowed the assessee's appeal in part, reducing the disallowance of alleged bogus purchases to 5% of the disputed amount. The decision was based on the lack of independent inquiry by the AO and the assessee's maintained books of accounts showing net profit on sales. The ITAT referred to judicial pronouncements and the assessee's financial position to reach its decision, providing relief from the full disallowance initially imposed. The case underscores the necessity of independent investigations and considering financial evidence and legal precedents in assessing expenses like bogus purchases. en-us Fri, 08 Jul 2016 00:00:00 +0530 Sat, 03 Jun 2017 09:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192484 The ITAT Mumbai allowed the assessee's appeal in part, reducing the disallowance of alleged bogus purchases to 5% of the disputed amount. The decision was based on the lack of independent inquiry by the AO and the assessee's maintained books of accounts showing net profit on sales. The ITAT referred to judicial pronouncements and the assessee's financial position to reach its decision, providing relief from the full disallowance initially imposed. The case underscores the necessity of independent investigations and considering financial evidence and legal precedents in assessing expenses like bogus purchases. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192484