https://www.taxtmi.com/caselaws?id=400984 The ITAT Mumbai addressed cross appeals involving disallowance of purchases from suspicious dealers. The assessee argued purchases were supported by records, while Revenue cited a Supreme Court ruling on bogus purchases. The AO disallowed a significant amount due to lack of evidence, upheld in part by CIT(A). ITAT directed an 8% profit margin on disputed purchases, distinguishing the case from the Supreme Court precedent. The decision aimed to balance interests and uphold tax compliance standards, emphasizing the need for reasonable estimates and substantiated transactions. en-us Mon, 02 Nov 2020 00:00:00 +0530 Mon, 23 Nov 2020 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400984 The ITAT Mumbai addressed cross appeals involving disallowance of purchases from suspicious dealers. The assessee argued purchases were supported by records, while Revenue cited a Supreme Court ruling on bogus purchases. The AO disallowed a significant amount due to lack of evidence, upheld in part by CIT(A). ITAT directed an 8% profit margin on disputed purchases, distinguishing the case from the Supreme Court precedent. The decision aimed to balance interests and uphold tax compliance standards, emphasizing the need for reasonable estimates and substantiated transactions. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400984