https://www.taxtmi.com/caselaws?id=397321 The ITAT Mumbai dismissed the appeals filed by Revenue for AY 2009-10 and 2010-11, upholding the orders of Ld.CIT(A) regarding alleged bogus purchases and ad-hoc disallowance of expenses. The ITAT upheld the 12.5% profit rate on alleged bogus purchases due to insufficient evidence from both parties and confirmed the deletion of ad-hoc disallowances of expenses. The decision was based on the lack of conclusive proof of the genuineness of the transactions and the failure of the Revenue to provide substantial evidence to challenge the findings. en-us Wed, 17 Jun 2020 00:00:00 +0530 Fri, 14 Aug 2020 10:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397321 The ITAT Mumbai dismissed the appeals filed by Revenue for AY 2009-10 and 2010-11, upholding the orders of Ld.CIT(A) regarding alleged bogus purchases and ad-hoc disallowance of expenses. The ITAT upheld the 12.5% profit rate on alleged bogus purchases due to insufficient evidence from both parties and confirmed the deletion of ad-hoc disallowances of expenses. The decision was based on the lack of conclusive proof of the genuineness of the transactions and the failure of the Revenue to provide substantial evidence to challenge the findings. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397321