https://www.taxtmi.com/caselaws?id=297932 The ITAT Mumbai partially allowed the assessee's appeal regarding the assessment of income based on alleged bogus purchases. The ITAT directed the AO to estimate the income at 3% of the alleged purchases, considering the assessee had already declared a GP ratio. This decision overturned the Ld. CIT(A)'s addition of Rs. 12,43,645 at a rate of 16% for the bogus purchases. The assessee's income assessment for the Assessment Year 2010-11 was thus adjusted accordingly. en-us Wed, 20 May 2020 00:00:00 +0530 Thu, 30 Sep 2021 21:21:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297932 The ITAT Mumbai partially allowed the assessee's appeal regarding the assessment of income based on alleged bogus purchases. The ITAT directed the AO to estimate the income at 3% of the alleged purchases, considering the assessee had already declared a GP ratio. This decision overturned the Ld. CIT(A)'s addition of Rs. 12,43,645 at a rate of 16% for the bogus purchases. The assessee's income assessment for the Assessment Year 2010-11 was thus adjusted accordingly. Case-Laws Income Tax Wed, 20 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297932