https://www.taxtmi.com/caselaws?id=440065 The ITAT allowed the appeal for statistical purposes, directing the AO to reevaluate the addition of Rs. 26,88,000 under section 69C of the Income-tax Act, 1961, in light of the observations made. The ITAT concluded that the assessee had procured goods from the open market at a discounted rate and recorded them through bogus bills. Consequently, the ITAT directed the AO to restrict the addition by bringing the GP rate of bogus purchases at the same rate as genuine purchases, ensuring a fair opportunity for the assessee. en-us Tue, 04 Jul 2023 00:00:00 +0530 Sat, 08 Jul 2023 07:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440065 The ITAT allowed the appeal for statistical purposes, directing the AO to reevaluate the addition of Rs. 26,88,000 under section 69C of the Income-tax Act, 1961, in light of the observations made. The ITAT concluded that the assessee had procured goods from the open market at a discounted rate and recorded them through bogus bills. Consequently, the ITAT directed the AO to restrict the addition by bringing the GP rate of bogus purchases at the same rate as genuine purchases, ensuring a fair opportunity for the assessee. Case-Laws Income Tax Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440065