https://www.taxtmi.com/caselaws?id=761694 ITAT Mumbai upheld CIT(A)'s decision restricting bogus purchase disallowance to gross profit rate instead of entire amount. CIT(A) correctly followed binding jurisdictional HC precedent rather than Gujarat HC decision whose SLP was summarily dismissed by SC. Revenue's appeal challenging the restricted disallowance approach was dismissed, confirming that bogus purchases should be disallowed only to extent of profit margin earned on genuine purchases. en-us Fri, 13 Sep 2024 00:00:00 +0530 Thu, 14 Nov 2024 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761694 ITAT Mumbai upheld CIT(A)'s decision restricting bogus purchase disallowance to gross profit rate instead of entire amount. CIT(A) correctly followed binding jurisdictional HC precedent rather than Gujarat HC decision whose SLP was summarily dismissed by SC. Revenue's appeal challenging the restricted disallowance approach was dismissed, confirming that bogus purchases should be disallowed only to extent of profit margin earned on genuine purchases. Case-Laws Income Tax Fri, 13 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761694