https://www.taxtmi.com/caselaws?id=761443 ITAT Pune held that assessment order passed by non-jurisdictional AO was valid since assessee participated in proceedings without challenging jurisdiction, following SC precedent in Kalinga Institute case. Regarding bogus expenses, ITAT found assessee provided insufficient details and wrong information about parties, with incomplete addresses preventing verification. However, ITAT reduced disallowance from 25% profit estimation to lump sum Rs. 20 lakhs, considering assessee's declared 9% profit rate was reasonable while acknowledging revenue leakage due to similar PAN numbers for different vendors. en-us Thu, 07 Nov 2024 00:00:00 +0530 Sat, 09 Nov 2024 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761443 ITAT Pune held that assessment order passed by non-jurisdictional AO was valid since assessee participated in proceedings without challenging jurisdiction, following SC precedent in Kalinga Institute case. Regarding bogus expenses, ITAT found assessee provided insufficient details and wrong information about parties, with incomplete addresses preventing verification. However, ITAT reduced disallowance from 25% profit estimation to lump sum Rs. 20 lakhs, considering assessee's declared 9% profit rate was reasonable while acknowledging revenue leakage due to similar PAN numbers for different vendors. Case-Laws Income Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761443