https://www.taxtmi.com/caselaws?id=768982 ITAT Mumbai held that expenses claimed by assessee for shipping and freight services could not be treated as bogus purchases merely because service providers failed to file income tax returns. Since assessee deducted TDS, maintained proper documentation, and reflected transactions in GST returns, the expenses were genuine. Tribunal deleted additions made by AO. Regarding provision reversals, once disallowed in earlier years, assessee was entitled to reduce from current year's business income. Sale of asset proceeds were correctly treated as capital receipts under Section 50. Leave encashment liability matter remanded to AO for verification with additional documents. AO directed to verify and grant credit for self-assessment tax following rectification application. en-us Wed, 20 Nov 2024 00:00:00 +0530 Thu, 17 Apr 2025 08:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768982 ITAT Mumbai held that expenses claimed by assessee for shipping and freight services could not be treated as bogus purchases merely because service providers failed to file income tax returns. Since assessee deducted TDS, maintained proper documentation, and reflected transactions in GST returns, the expenses were genuine. Tribunal deleted additions made by AO. Regarding provision reversals, once disallowed in earlier years, assessee was entitled to reduce from current year's business income. Sale of asset proceeds were correctly treated as capital receipts under Section 50. Leave encashment liability matter remanded to AO for verification with additional documents. AO directed to verify and grant credit for self-assessment tax following rectification application. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768982