https://www.taxtmi.com/caselaws?id=314466 ITAT Mumbai partially allowed the appeal. Regarding bogus purchases under section 69C, the tribunal found the assessee failed to prove genuine purchases from M/s Nidhi Printer, concluding goods were likely purchased from grey market at discounted rates. Disallowance was restricted to 12.5% of impugned purchase value. For section 40A(2)(b) addition concerning salary paid to director's daughter, the tribunal found AO's 50% disallowance misconceived as no evidence showed excessive/unreasonable expenditure. The Rs. 6 lakh disallowance was vacated, setting aside CIT(A)'s order sustaining it. en-us Mon, 24 Jan 2022 00:00:00 +0530 Wed, 12 Jun 2024 21:55:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314466 ITAT Mumbai partially allowed the appeal. Regarding bogus purchases under section 69C, the tribunal found the assessee failed to prove genuine purchases from M/s Nidhi Printer, concluding goods were likely purchased from grey market at discounted rates. Disallowance was restricted to 12.5% of impugned purchase value. For section 40A(2)(b) addition concerning salary paid to director's daughter, the tribunal found AO's 50% disallowance misconceived as no evidence showed excessive/unreasonable expenditure. The Rs. 6 lakh disallowance was vacated, setting aside CIT(A)'s order sustaining it. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314466