https://www.taxtmi.com/caselaws?id=378317 ITAT Mumbai held that where purchases were doubtful but the record did not support treating the entire amount as income, the addition could be restricted to an estimated 12.5% of the purchases rather than enhanced to 100%. It also held that unabsorbed depreciation relating to earlier assessment years could be carried forward and set off in assessment year 2010-11, as the amended section 32(2) removed the earlier eight-year restriction, subject to verification to avoid double allowance. On both issues, the Revenue's challenge failed. en-us Fri, 22 Mar 2019 00:00:00 +0530 Sat, 13 Apr 2019 05:55:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378317 ITAT Mumbai held that where purchases were doubtful but the record did not support treating the entire amount as income, the addition could be restricted to an estimated 12.5% of the purchases rather than enhanced to 100%. It also held that unabsorbed depreciation relating to earlier assessment years could be carried forward and set off in assessment year 2010-11, as the amended section 32(2) removed the earlier eight-year restriction, subject to verification to avoid double allowance. On both issues, the Revenue's challenge failed. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378317