https://www.taxtmi.com/caselaws?id=415634 The ITAT Mumbai disagreed with the Ld.CIT(A)'s decision to enhance the non-genuine purchases disallowance to 100% and directed the Assessing Officer to estimate the profit element at 12.5%. The ITAT emphasized taxing only the profit element embedded in non-genuine purchases, not the entire amount. The decision was based on precedents and the inability of the assessee to conclusively prove the purchases' authenticity. The appeal was partly allowed, with income computation based on the estimated profit element. en-us Wed, 10 Nov 2021 00:00:00 +0530 Fri, 10 Dec 2021 08:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415634 The ITAT Mumbai disagreed with the Ld.CIT(A)'s decision to enhance the non-genuine purchases disallowance to 100% and directed the Assessing Officer to estimate the profit element at 12.5%. The ITAT emphasized taxing only the profit element embedded in non-genuine purchases, not the entire amount. The decision was based on precedents and the inability of the assessee to conclusively prove the purchases' authenticity. The appeal was partly allowed, with income computation based on the estimated profit element. Case-Laws Income Tax Wed, 10 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415634