https://www.taxtmi.com/caselaws?id=464147 ITAT MUMBAI - AT upheld a 4% addition on identified bogus purchases, following an identical finding in a prior year, thereby partly allowing the taxpayer's appeal on that point. Simultaneously, the Tribunal set aside the AO's invocation of s.115BBE for taxing alleged unexplained profit arising from stock valuation differences, finding purchases recorded and sources explained; it directed the AO to cancel the levy of tax under s.115BBE. Overall, the taxpayer's grounds were partly allowed (4% addition sustained) and partly allowed (tax under s.115BBE quashed). en-us Mon, 28 Aug 2023 00:00:00 +0530 Mon, 06 Oct 2025 13:27:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464147 ITAT MUMBAI - AT upheld a 4% addition on identified bogus purchases, following an identical finding in a prior year, thereby partly allowing the taxpayer's appeal on that point. Simultaneously, the Tribunal set aside the AO's invocation of s.115BBE for taxing alleged unexplained profit arising from stock valuation differences, finding purchases recorded and sources explained; it directed the AO to cancel the levy of tax under s.115BBE. Overall, the taxpayer's grounds were partly allowed (4% addition sustained) and partly allowed (tax under s.115BBE quashed). Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464147