https://www.taxtmi.com/caselaws?id=756337 The ITAT upheld the addition of income due to bogus purchases under section 69C, confirming the assessee's involvement in a hawala racket. The appeal was dismissed due to delay, and the ex parte order was maintained. The ITAT instructed the AO to tax only the profit from bogus purchases, not the entire amount, following the Bombay HC's precedent. The assessee must submit relevant information within 90 days to finalize the profit assessment. The ITAT's decision reflects a balanced approach, ensuring only the profit from fraudulent transactions is taxed, aligning with judicial standards. en-us Mon, 29 Jul 2024 00:00:00 +0530 Wed, 31 Jul 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756337 The ITAT upheld the addition of income due to bogus purchases under section 69C, confirming the assessee's involvement in a hawala racket. The appeal was dismissed due to delay, and the ex parte order was maintained. The ITAT instructed the AO to tax only the profit from bogus purchases, not the entire amount, following the Bombay HC's precedent. The assessee must submit relevant information within 90 days to finalize the profit assessment. The ITAT's decision reflects a balanced approach, ensuring only the profit from fraudulent transactions is taxed, aligning with judicial standards. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756337