https://www.taxtmi.com/caselaws?id=314180 The ITAT Mumbai partially allowed the assessee's appeal, reducing the estimated profit rate on alleged bogus purchases from 12.5% to 5%. The Tribunal found the original rate unreasonable, despite the assessee's failure to produce certain evidence. The decision underscores the necessity for robust documentation to substantiate transaction genuineness. en-us Mon, 25 Oct 2021 00:00:00 +0530 Thu, 23 May 2024 08:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314180 The ITAT Mumbai partially allowed the assessee's appeal, reducing the estimated profit rate on alleged bogus purchases from 12.5% to 5%. The Tribunal found the original rate unreasonable, despite the assessee's failure to produce certain evidence. The decision underscores the necessity for robust documentation to substantiate transaction genuineness. Case-Laws Income Tax Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314180