https://www.taxtmi.com/caselaws?id=752094 ITAT Mumbai held that where assessee maintained books of account, purchase/sale bills, banking transactions, and declared sales in MVAT returns, addition for bogus purchases should be restricted to differential gross profit rate. Since genuine purchases yielded 5.66% GP while bogus purchases showed 3.10% GP, only the difference of 2.56% on bogus purchases was added to income rather than treating entire bogus purchase amount as undisclosed income. en-us Mon, 29 Apr 2024 00:00:00 +0530 Fri, 03 May 2024 07:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752094 ITAT Mumbai held that where assessee maintained books of account, purchase/sale bills, banking transactions, and declared sales in MVAT returns, addition for bogus purchases should be restricted to differential gross profit rate. Since genuine purchases yielded 5.66% GP while bogus purchases showed 3.10% GP, only the difference of 2.56% on bogus purchases was added to income rather than treating entire bogus purchase amount as undisclosed income. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752094