https://www.taxtmi.com/caselaws?id=449121 ITAT Mumbai upheld CIT(A)'s decision restricting disallowance of bogus purchases to 12.5% instead of full amount, finding this reasonable approach prevents revenue leakage while avoiding complete addition. Tribunal deleted addition of sundry creditors under section 68, ruling that trade creditors cannot be added when underlying purchases and payments are accepted as genuine, following precedent in Manoj Agarwal case. Ad hoc additions for household withdrawals and cash expenses were also deleted due to lack of supporting documentation. en-us Fri, 29 Dec 2023 00:00:00 +0530 Mon, 05 Feb 2024 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449121 ITAT Mumbai upheld CIT(A)'s decision restricting disallowance of bogus purchases to 12.5% instead of full amount, finding this reasonable approach prevents revenue leakage while avoiding complete addition. Tribunal deleted addition of sundry creditors under section 68, ruling that trade creditors cannot be added when underlying purchases and payments are accepted as genuine, following precedent in Manoj Agarwal case. Ad hoc additions for household withdrawals and cash expenses were also deleted due to lack of supporting documentation. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449121