https://www.taxtmi.com/caselaws?id=758873 ITAT Mumbai dismissed revenue's appeal regarding bogus purchases estimation. CIT(A) restricted addition to 12.5% profit element of unverifiable transactions, finding entire transaction amount couldn't be taxed when only income component was taxable. CIT(A) relied on HC precedent establishing 12.5% addition as fair and reasonable for bogus purchases. ITAT upheld CIT(A)'s decision, noting corresponding sale proceeds weren't disputed by assessee. en-us Thu, 29 Aug 2024 00:00:00 +0530 Thu, 19 Sep 2024 14:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758873 ITAT Mumbai dismissed revenue's appeal regarding bogus purchases estimation. CIT(A) restricted addition to 12.5% profit element of unverifiable transactions, finding entire transaction amount couldn't be taxed when only income component was taxable. CIT(A) relied on HC precedent establishing 12.5% addition as fair and reasonable for bogus purchases. ITAT upheld CIT(A)'s decision, noting corresponding sale proceeds weren't disputed by assessee. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758873