https://www.taxtmi.com/caselaws?id=312652 ITAT Mumbai held that additions for bogus purchases should be limited to equalizing the gross profit rate with genuine purchases, following M. Haji Adam Co. precedent. The tribunal set aside the matter to the assessing officer with directions to restrict additions by bringing gross profit rates on bogus purchases to the same level as genuine purchases. The assessee's appeals were allowed for statistical purposes, establishing that profit element quantification in unsubstantiated purchases must align with legitimate transaction margins. en-us Fri, 28 Jun 2019 00:00:00 +0530 Fri, 01 Mar 2024 05:51:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312652 ITAT Mumbai held that additions for bogus purchases should be limited to equalizing the gross profit rate with genuine purchases, following M. Haji Adam Co. precedent. The tribunal set aside the matter to the assessing officer with directions to restrict additions by bringing gross profit rates on bogus purchases to the same level as genuine purchases. The assessee's appeals were allowed for statistical purposes, establishing that profit element quantification in unsubstantiated purchases must align with legitimate transaction margins. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312652