https://www.taxtmi.com/caselaws?id=753966 The ITAT Mumbai upheld CIT(A)'s decision restricting bogus purchase addition to 5% gross profit rate, finding this reasonable given the assessee's clandestine activities and grey market transactions. The tribunal also confirmed deletion of Rs. 13,08,000 interest addition under section 36(1)(iii), ruling that interest-free advances were justified for business expansion under commercial expediency principles and constitutional right to trade under Article 19(1)(g). The revenue's appeal was dismissed on both grounds. en-us Tue, 11 Jun 2024 00:00:00 +0530 Thu, 13 Jun 2024 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753966 The ITAT Mumbai upheld CIT(A)'s decision restricting bogus purchase addition to 5% gross profit rate, finding this reasonable given the assessee's clandestine activities and grey market transactions. The tribunal also confirmed deletion of Rs. 13,08,000 interest addition under section 36(1)(iii), ruling that interest-free advances were justified for business expansion under commercial expediency principles and constitutional right to trade under Article 19(1)(g). The revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Tue, 11 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753966