https://www.taxtmi.com/caselaws?id=311544 ITAT Mumbai partially allowed the assessee's appeal regarding income estimation for bogus purchases. The tribunal upheld CIT(A)'s decision restricting bogus purchase additions to 12.5% of purchase amount due to lack of supporting documents like delivery challans and stock registers. Addition for sundry creditors was sustained as the assessee failed to provide creditor confirmations despite opportunities. However, disallowances for household expenses and miscellaneous expenses were deleted as the AO failed to substantiate reasons with proper breakup. en-us Fri, 21 Oct 2022 00:00:00 +0530 Mon, 01 Jan 2024 18:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311544 ITAT Mumbai partially allowed the assessee's appeal regarding income estimation for bogus purchases. The tribunal upheld CIT(A)'s decision restricting bogus purchase additions to 12.5% of purchase amount due to lack of supporting documents like delivery challans and stock registers. Addition for sundry creditors was sustained as the assessee failed to provide creditor confirmations despite opportunities. However, disallowances for household expenses and miscellaneous expenses were deleted as the AO failed to substantiate reasons with proper breakup. Case-Laws Income Tax Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311544