https://www.taxtmi.com/caselaws?id=756149 ITAT Mumbai allowed assessee's appeal regarding embezzlement loss, finding sufficient evidence of actual stock theft by employee and rejecting authorities' disallowance. For bogus purchases, Tribunal applied 3% additional gross profit rate over declared GP rate, following HC precedents that only profit element should be added when sales are undisputed and stock quantities match books, rather than adding entire purchase amount under section 69. Assessee received partial relief on bogus purchase disallowance. en-us Mon, 22 Jul 2024 00:00:00 +0530 Sat, 27 Jul 2024 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756149 ITAT Mumbai allowed assessee's appeal regarding embezzlement loss, finding sufficient evidence of actual stock theft by employee and rejecting authorities' disallowance. For bogus purchases, Tribunal applied 3% additional gross profit rate over declared GP rate, following HC precedents that only profit element should be added when sales are undisputed and stock quantities match books, rather than adding entire purchase amount under section 69. Assessee received partial relief on bogus purchase disallowance. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756149