https://www.taxtmi.com/caselaws?id=464121 ITAT MUMBAI held that, given acceptance of declared sales and no inventory discrepancy, the possibility of procurement from the grey market cannot be ruled out and entire purchases covered by suspicious bills cannot be disallowed. Following precedent of HC, only the profit embedded in purchases supported by bogus bills may be added to income. The tribunal quantified suppressed profit at 4% and directed the AO to restrict the addition accordingly. The appeal was partly allowed. en-us Tue, 25 Jul 2023 00:00:00 +0530 Mon, 06 Oct 2025 20:17:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464121 ITAT MUMBAI held that, given acceptance of declared sales and no inventory discrepancy, the possibility of procurement from the grey market cannot be ruled out and entire purchases covered by suspicious bills cannot be disallowed. Following precedent of HC, only the profit embedded in purchases supported by bogus bills may be added to income. The tribunal quantified suppressed profit at 4% and directed the AO to restrict the addition accordingly. The appeal was partly allowed. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464121