https://www.taxtmi.com/caselaws?id=423824 The appeal challenging the reopening of assessment and addition of Rs.22,00,556/- for potential profit on bogus purchases was partly allowed by ITAT Mumbai. The delay in filing the appeal was condoned, and the penalty under sections 234B, 234C, and 271(1)(c) was not upheld. ITAT Mumbai directed the Assessing Officer to tax only the profit from bogus purchases, not the entire amount, following precedent. The case was remanded to the Assessing Officer for further proceedings in accordance with ITAT's directions. en-us Mon, 13 Jun 2022 00:00:00 +0530 Wed, 15 Jun 2022 23:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423824 The appeal challenging the reopening of assessment and addition of Rs.22,00,556/- for potential profit on bogus purchases was partly allowed by ITAT Mumbai. The delay in filing the appeal was condoned, and the penalty under sections 234B, 234C, and 271(1)(c) was not upheld. ITAT Mumbai directed the Assessing Officer to tax only the profit from bogus purchases, not the entire amount, following precedent. The case was remanded to the Assessing Officer for further proceedings in accordance with ITAT's directions. Case-Laws Income Tax Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423824