https://www.taxtmi.com/caselaws?id=389710 The ITAT Mumbai partially allowed the assessee's appeals for Assessment Years 2009-10 and 2010-11, reducing profit estimation on alleged bogus purchases from 8.80% to 2%. The Assessing Officer's addition towards bogus purchases was decreased based on the nature of the assessee's business and varying profit rates in similar cases. The ITAT highlighted shortcomings in evidence presented by both parties and directed a lower profit estimation, citing precedents. The revenue's appeal for one year was dismissed. Judgment was pronounced on October 18, 2019. en-us Fri, 18 Oct 2019 00:00:00 +0530 Mon, 16 Dec 2019 09:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389710 The ITAT Mumbai partially allowed the assessee's appeals for Assessment Years 2009-10 and 2010-11, reducing profit estimation on alleged bogus purchases from 8.80% to 2%. The Assessing Officer's addition towards bogus purchases was decreased based on the nature of the assessee's business and varying profit rates in similar cases. The ITAT highlighted shortcomings in evidence presented by both parties and directed a lower profit estimation, citing precedents. The revenue's appeal for one year was dismissed. Judgment was pronounced on October 18, 2019. Case-Laws Income Tax Fri, 18 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389710