https://www.taxtmi.com/caselaws?id=305242 The Appellate Tribunal ITAT Mumbai addressed the validity of re-assessment and disallowance on account of bogus purchases in the case. The assessee's challenge to the re-assessment was not pursued, leading to its dismissal. The Tribunal upheld the decision to tax only the profit element at 12.5% of the purchases, emphasizing the importance of distinguishing between the value of purchases and the profit element for taxation purposes. Consequently, the assessee's appeal was allowed, while the Revenue's appeal was dismissed, underscoring the necessity of proper documentation and evidence in establishing the taxable amount accurately. en-us Mon, 29 Nov 2021 00:00:00 +0530 Wed, 23 Nov 2022 21:56:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305242 The Appellate Tribunal ITAT Mumbai addressed the validity of re-assessment and disallowance on account of bogus purchases in the case. The assessee's challenge to the re-assessment was not pursued, leading to its dismissal. The Tribunal upheld the decision to tax only the profit element at 12.5% of the purchases, emphasizing the importance of distinguishing between the value of purchases and the profit element for taxation purposes. Consequently, the assessee's appeal was allowed, while the Revenue's appeal was dismissed, underscoring the necessity of proper documentation and evidence in establishing the taxable amount accurately. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305242