https://www.taxtmi.com/caselaws?id=752758 ITAT Mumbai dismissed the AO's appeal challenging CIT(A)'s order reducing gross profit addition from 100% to 7.89% on bogus purchases. The assessee made non-genuine purchases from grey market parties to cover actual transactions. Following coordinate bench precedent from assessee's own case for AY 2007-08, tribunal held only differential profit between genuine (7.89%) and non-genuine purchases (7.64%) totaling 0.25% should be added to total income, not entire purchase amount under section 69C. en-us Mon, 13 May 2024 00:00:00 +0530 Fri, 17 May 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752758 ITAT Mumbai dismissed the AO's appeal challenging CIT(A)'s order reducing gross profit addition from 100% to 7.89% on bogus purchases. The assessee made non-genuine purchases from grey market parties to cover actual transactions. Following coordinate bench precedent from assessee's own case for AY 2007-08, tribunal held only differential profit between genuine (7.89%) and non-genuine purchases (7.64%) totaling 0.25% should be added to total income, not entire purchase amount under section 69C. Case-Laws Income Tax Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752758