https://www.taxtmi.com/caselaws?id=760096 ITAT Mumbai upheld AO's 12.5% GP rate on bogus purchases, reversing CIT(A)'s 10% restriction, as assessee failed to prove transaction genuineness despite providing purchase bills and bank statements. However, ITAT confirmed CIT(A)'s deletion of section 68 addition for unexplained cash deposits, finding AO made no adverse findings regarding supporting documents and merely questioned cash withdrawal purpose when other payment modes existed. en-us Tue, 24 Sep 2024 00:00:00 +0530 Wed, 16 Oct 2024 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760096 ITAT Mumbai upheld AO's 12.5% GP rate on bogus purchases, reversing CIT(A)'s 10% restriction, as assessee failed to prove transaction genuineness despite providing purchase bills and bank statements. However, ITAT confirmed CIT(A)'s deletion of section 68 addition for unexplained cash deposits, finding AO made no adverse findings regarding supporting documents and merely questioned cash withdrawal purpose when other payment modes existed. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760096