https://www.taxtmi.com/caselaws?id=459647 ITAT Mumbai upheld CIT(A)'s decision to restrict disallowance of bogus purchases to 5% of purchase amount, following Bombay HC precedent in Mohommad Haji Adam Co. regarding reasonable addition for cash market benefits. The assessee produced stock registers proving goods entry and subsequent sales, distinguishing it from N.K. Proteins Ltd. SC case. However, ITAT deleted addition under section 40A(3) for cash commission payments, ruling that disallowance requires actual expense entries in books of accounts, which were absent here. en-us Tue, 13 Jun 2023 00:00:00 +0530 Fri, 20 Dec 2024 19:51:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459647 ITAT Mumbai upheld CIT(A)'s decision to restrict disallowance of bogus purchases to 5% of purchase amount, following Bombay HC precedent in Mohommad Haji Adam Co. regarding reasonable addition for cash market benefits. The assessee produced stock registers proving goods entry and subsequent sales, distinguishing it from N.K. Proteins Ltd. SC case. However, ITAT deleted addition under section 40A(3) for cash commission payments, ruling that disallowance requires actual expense entries in books of accounts, which were absent here. Case-Laws Income Tax Tue, 13 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459647