https://www.taxtmi.com/caselaws?id=280912 The appeal involved disallowance of non-genuine and bogus purchases by the Assessing Officer, upheld by the Commissioner of Income Tax (Appeals). The ITAT Mumbai partially allowed the appeal, directing the AO to recompute income at a profit rate of 12.5% due to lack of evidence establishing the purchases' genuineness. The case underscores the importance of verifying transaction authenticity, particularly in hawala dealings, and the necessity of maintaining proper documentation. The decision highlights the significance of considering business specifics when determining income adjustments. en-us Wed, 19 Dec 2018 00:00:00 +0530 Sat, 25 May 2019 09:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280912 The appeal involved disallowance of non-genuine and bogus purchases by the Assessing Officer, upheld by the Commissioner of Income Tax (Appeals). The ITAT Mumbai partially allowed the appeal, directing the AO to recompute income at a profit rate of 12.5% due to lack of evidence establishing the purchases' genuineness. The case underscores the importance of verifying transaction authenticity, particularly in hawala dealings, and the necessity of maintaining proper documentation. The decision highlights the significance of considering business specifics when determining income adjustments. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280912