https://www.taxtmi.com/caselaws?id=754619 The ITAT Mumbai held that where investigation wing found a party engaged in providing bogus bills without actual sales, only the gross profit element should be added to income rather than the full purchase amount. Since the assessee failed to provide supporting details despite opportunities, the tribunal adopted 12.5% of bogus purchases as taxable income, directing the AO to restrict additions accordingly. The tribunal also allowed set-off of losses against income determined under section 115BBE, following CBDT circular 11/2019 which clarified that such set-off was permissible for the assessment year 2010-11. Appeal was partly allowed in favor of the assessee. en-us Mon, 24 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754619 The ITAT Mumbai held that where investigation wing found a party engaged in providing bogus bills without actual sales, only the gross profit element should be added to income rather than the full purchase amount. Since the assessee failed to provide supporting details despite opportunities, the tribunal adopted 12.5% of bogus purchases as taxable income, directing the AO to restrict additions accordingly. The tribunal also allowed set-off of losses against income determined under section 115BBE, following CBDT circular 11/2019 which clarified that such set-off was permissible for the assessment year 2010-11. Appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754619