https://www.taxtmi.com/caselaws?id=307460 The ITAT MUMBAI addressed the reduction of addition for bogus purchase by the CIT-A in an appeal by the revenue. The Tribunal upheld the CIT-A's decision of 12.5% disallowance, emphasizing that a 100% addition for bogus purchase is unjustified when sales are not in question. Legal precedents, including the N.K. Proteins Ltd. decision, were considered in support of this ruling. Despite purchases from the grey market, the Tribunal found the 12.5% disallowance to be just. The revenue's appeal was dismissed, highlighting the importance of case-specific circumstances in determining disallowance percentages. en-us Wed, 16 Sep 2020 00:00:00 +0530 Sat, 15 Apr 2023 00:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307460 The ITAT MUMBAI addressed the reduction of addition for bogus purchase by the CIT-A in an appeal by the revenue. The Tribunal upheld the CIT-A's decision of 12.5% disallowance, emphasizing that a 100% addition for bogus purchase is unjustified when sales are not in question. Legal precedents, including the N.K. Proteins Ltd. decision, were considered in support of this ruling. Despite purchases from the grey market, the Tribunal found the 12.5% disallowance to be just. The revenue's appeal was dismissed, highlighting the importance of case-specific circumstances in determining disallowance percentages. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307460