https://www.taxtmi.com/caselaws?id=760549 The ITAT Chennai-AT partially allowed the assessee's appeal regarding bogus purchases and unexplained investments. For bogus purchases totaling Rs.10,46,76,851/-, the tribunal sustained addition of Rs.11,82,906/- after considering the assessee's voluntary disclosure of Rs.5,53,25,652/- and estimating 10% addition on partially bogus purchases from 15 parties while fully sustaining purchases from 4 entirely bogus parties. Sub-contractor expenses disallowance of Rs.157 lacs was upheld as the assessee admitted only Rs.140.18 lacs with remaining GST component being bogus. However, unexplained investment additions under section 69 based solely on loose excel sheets found during search were deleted, following precedent that undated, unsigned documents without corroboration lack evidentiary value for determining undisclosed income. en-us Thu, 17 Oct 2024 00:00:00 +0530 Tue, 22 Oct 2024 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760549 The ITAT Chennai-AT partially allowed the assessee's appeal regarding bogus purchases and unexplained investments. For bogus purchases totaling Rs.10,46,76,851/-, the tribunal sustained addition of Rs.11,82,906/- after considering the assessee's voluntary disclosure of Rs.5,53,25,652/- and estimating 10% addition on partially bogus purchases from 15 parties while fully sustaining purchases from 4 entirely bogus parties. Sub-contractor expenses disallowance of Rs.157 lacs was upheld as the assessee admitted only Rs.140.18 lacs with remaining GST component being bogus. However, unexplained investment additions under section 69 based solely on loose excel sheets found during search were deleted, following precedent that undated, unsigned documents without corroboration lack evidentiary value for determining undisclosed income. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760549