https://www.taxtmi.com/caselaws?id=403859 The ITAT Mumbai dealt with appeals against the Ld. CIT(A)'s order for AY 2010-11 and 2011-12, where the assessment was reopened due to information on bogus purchases. Despite non-appearance of assessees, the hearing proceeded ex-parte. The ITAT directed income estimation at 3% of alleged purchases, differing from the 12.5% addition by the AO and Ld. CIT(A). The appeals were partly allowed, emphasizing the need for reasonable income estimation based on trading activities and margins. Orders were pronounced on 25.01.2021. en-us Mon, 25 Jan 2021 00:00:00 +0530 Wed, 10 Feb 2021 09:31:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403859 The ITAT Mumbai dealt with appeals against the Ld. CIT(A)'s order for AY 2010-11 and 2011-12, where the assessment was reopened due to information on bogus purchases. Despite non-appearance of assessees, the hearing proceeded ex-parte. The ITAT directed income estimation at 3% of alleged purchases, differing from the 12.5% addition by the AO and Ld. CIT(A). The appeals were partly allowed, emphasizing the need for reasonable income estimation based on trading activities and margins. Orders were pronounced on 25.01.2021. Case-Laws Income Tax Mon, 25 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403859