https://www.taxtmi.com/caselaws?id=404287 The ITAT Mumbai upheld the CIT(A) decision to restrict the addition to 12.5% of bogus purchases in the assessment for the year 2009-10, following the precedent set by the Hon'ble Gujarat High Court. The absence of the assessee during the final hearing did not hinder the decision, as the ITAT Mumbai found the CIT(A)'s reasoning valid, emphasizing the suppression of profits through purchases from undisclosed parties in the grey market. The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s decision on 6th January, 2021. en-us Wed, 06 Jan 2021 00:00:00 +0530 Sat, 20 Feb 2021 09:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404287 The ITAT Mumbai upheld the CIT(A) decision to restrict the addition to 12.5% of bogus purchases in the assessment for the year 2009-10, following the precedent set by the Hon'ble Gujarat High Court. The absence of the assessee during the final hearing did not hinder the decision, as the ITAT Mumbai found the CIT(A)'s reasoning valid, emphasizing the suppression of profits through purchases from undisclosed parties in the grey market. The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s decision on 6th January, 2021. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404287