https://www.taxtmi.com/caselaws?id=399902 The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s order to estimate profit at 12.5% on disputed purchases made by the assessee in the resale of iron and steel business. Despite the AO's addition of Rs. 5,37,112 due to alleged bogus purchases, the ITAT found the assessee had submitted sufficient documents, and the AO failed to conduct necessary verifications. The ITAT upheld the CIT(A)'s approach, aligning with precedent from the Hon'ble Gujarat High Court, and confirmed the reduced addition, thereby rejecting the revenue's contention for a full addition. en-us Thu, 24 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399902 The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s order to estimate profit at 12.5% on disputed purchases made by the assessee in the resale of iron and steel business. Despite the AO's addition of Rs. 5,37,112 due to alleged bogus purchases, the ITAT found the assessee had submitted sufficient documents, and the AO failed to conduct necessary verifications. The ITAT upheld the CIT(A)'s approach, aligning with precedent from the Hon'ble Gujarat High Court, and confirmed the reduced addition, thereby rejecting the revenue's contention for a full addition. Case-Laws Income Tax Thu, 24 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399902