https://www.taxtmi.com/caselaws?id=448090 ITAT Mumbai remanded the matter to AO for proper estimation of income from bogus purchases. Following Haji Adam precedent, the tribunal directed AO to identify sales corresponding to bogus purchases and compute gross profit on each transaction. Where gross profit on sales from bogus purchases is less than genuine purchases, addition should be made for the deficiency amount. Assessee's appeal allowed for statistical purposes with specific directions for reassessment. en-us Fri, 29 Dec 2023 00:00:00 +0530 Wed, 10 Jan 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448090 ITAT Mumbai remanded the matter to AO for proper estimation of income from bogus purchases. Following Haji Adam precedent, the tribunal directed AO to identify sales corresponding to bogus purchases and compute gross profit on each transaction. Where gross profit on sales from bogus purchases is less than genuine purchases, addition should be made for the deficiency amount. Assessee's appeal allowed for statistical purposes with specific directions for reassessment. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448090