https://www.taxtmi.com/caselaws?id=765273 ITAT Mumbai held that complete disallowance of alleged bogus purchases was unjustified where the assessee demonstrated corresponding sales and maintained gross profit rates on disputed purchases exceeding those on genuine purchases. Following precedent, any addition should be limited to equalizing gross profit rates between alleged bogus and genuine purchases. Since the assessee's gross profit rate on disputed purchases was higher than on other purchases, no disallowance was warranted. Appeal decided in favor of assessee. en-us Tue, 31 Dec 2024 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765273 ITAT Mumbai held that complete disallowance of alleged bogus purchases was unjustified where the assessee demonstrated corresponding sales and maintained gross profit rates on disputed purchases exceeding those on genuine purchases. Following precedent, any addition should be limited to equalizing gross profit rates between alleged bogus and genuine purchases. Since the assessee's gross profit rate on disputed purchases was higher than on other purchases, no disallowance was warranted. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765273