https://www.taxtmi.com/caselaws?id=751206 ITAT Mumbai remitted commission payment addition back to AO for fresh verification after assessee provided documents to CIT(A) that were not properly examined. The tribunal deleted section 14A disallowance as assessee received no exempt income during the year, following established precedent that disallowance cannot exceed exempt income earned. For bogus purchases, ITAT upheld CIT(A)'s decision restricting addition to 5.87% gross profit ratio instead of 100% disallowance made by AO, dismissing revenue's appeal on this ground. en-us Fri, 05 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 21:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751206 ITAT Mumbai remitted commission payment addition back to AO for fresh verification after assessee provided documents to CIT(A) that were not properly examined. The tribunal deleted section 14A disallowance as assessee received no exempt income during the year, following established precedent that disallowance cannot exceed exempt income earned. For bogus purchases, ITAT upheld CIT(A)'s decision restricting addition to 5.87% gross profit ratio instead of 100% disallowance made by AO, dismissing revenue's appeal on this ground. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751206