https://www.taxtmi.com/caselaws?id=423563 The ITAT Mumbai disposed of the appeal and cross objections concerning bogus purchases. The Tribunal restricted the addition to 12.5% of the total alleged bogus purchases, amounting to Rs.95,36,617/-, while considering previous court judgments. The Revenue's challenge to this restriction was noted, but the Tribunal upheld the Ld. CIT(A)'s estimation of profits at 12.5% for non-genuine purchases. Furthermore, the Tribunal directed a calculation of a reasonable gross profit margin of 6.41% on gross purchases of Rs.1,55,19,372/-, partially allowing the appeal and cross objections. en-us Tue, 31 May 2022 00:00:00 +0530 Sat, 02 Dec 2023 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423563 The ITAT Mumbai disposed of the appeal and cross objections concerning bogus purchases. The Tribunal restricted the addition to 12.5% of the total alleged bogus purchases, amounting to Rs.95,36,617/-, while considering previous court judgments. The Revenue's challenge to this restriction was noted, but the Tribunal upheld the Ld. CIT(A)'s estimation of profits at 12.5% for non-genuine purchases. Furthermore, the Tribunal directed a calculation of a reasonable gross profit margin of 6.41% on gross purchases of Rs.1,55,19,372/-, partially allowing the appeal and cross objections. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423563