https://www.taxtmi.com/caselaws?id=400722 The Appellate Tribunal ITAT Mumbai, in a case concerning alleged bogus purchases and unexplained expenditures for the assessment year 2011-12, addressed cross-appeals by the revenue and assessee. The Tribunal upheld the deletion of certain additions, confirmed a profit rate on total purchases, and directed a lower gross profit rate on the alleged bogus purchases due to the nature of the business and low profit margins. Both parties failed to provide conclusive evidence, emphasizing the importance of verification in cases involving suspicious transactions. Ultimately, the appeals were allowed in part, balancing the arguments presented. en-us Mon, 03 Aug 2020 00:00:00 +0530 Tue, 17 Nov 2020 11:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400722 The Appellate Tribunal ITAT Mumbai, in a case concerning alleged bogus purchases and unexplained expenditures for the assessment year 2011-12, addressed cross-appeals by the revenue and assessee. The Tribunal upheld the deletion of certain additions, confirmed a profit rate on total purchases, and directed a lower gross profit rate on the alleged bogus purchases due to the nature of the business and low profit margins. Both parties failed to provide conclusive evidence, emphasizing the importance of verification in cases involving suspicious transactions. Ultimately, the appeals were allowed in part, balancing the arguments presented. Case-Laws Income Tax Mon, 03 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400722