https://www.taxtmi.com/caselaws?id=449887 ITAT Mumbai set aside CIT(A)'s order regarding bogus purchases and directed AO to estimate income at 12.5% on unapproved purchases, following jurisdictional HC precedents. The tribunal also remitted the Section 80IC deduction claim back to AO for fresh examination, citing inadequate substantiation by assessee and lack of convincing evidence during proceedings. The appeal was partly allowed for statistical purposes, with both issues requiring fresh adjudication by AO on merits. en-us Mon, 19 Feb 2024 00:00:00 +0530 Wed, 21 Feb 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449887 ITAT Mumbai set aside CIT(A)'s order regarding bogus purchases and directed AO to estimate income at 12.5% on unapproved purchases, following jurisdictional HC precedents. The tribunal also remitted the Section 80IC deduction claim back to AO for fresh examination, citing inadequate substantiation by assessee and lack of convincing evidence during proceedings. The appeal was partly allowed for statistical purposes, with both issues requiring fresh adjudication by AO on merits. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449887