https://www.taxtmi.com/caselaws?id=314062 ITAT Mumbai set aside the matter to the assessing officer regarding bogus purchases estimation. Following Bombay HC precedent in M Haji Adam Co, the tribunal directed that additions for bogus purchases should be restricted by bringing the gross profit rate on such purchases to the same rate as genuine purchases, rather than the CIT(A)'s 5% reduction approach. en-us Tue, 11 Jun 2019 00:00:00 +0530 Thu, 16 May 2024 06:34:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314062 ITAT Mumbai set aside the matter to the assessing officer regarding bogus purchases estimation. Following Bombay HC precedent in M Haji Adam Co, the tribunal directed that additions for bogus purchases should be restricted by bringing the gross profit rate on such purchases to the same rate as genuine purchases, rather than the CIT(A)'s 5% reduction approach. Case-Laws Income Tax Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314062