https://www.taxtmi.com/caselaws?id=464894 ITAT Mumbai upheld the order of CIT(A) estimating income by applying a 12.5% gross profit rate on alleged bogus purchases from six parties. The assessee failed to prove genuineness of purchases, as notices under s.133(6) were unserved and no sufficient evidence was produced. However, since the books of account were not rejected and sales were not disputed, only the profit element embedded in such purchases was held taxable, not the entire purchase value. Finding no distinguishing material, ITAT dismissed both the assessee's and Revenue's cross-appeals. en-us Fri, 09 Feb 2018 00:00:00 +0530 Wed, 19 Nov 2025 16:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464894 ITAT Mumbai upheld the order of CIT(A) estimating income by applying a 12.5% gross profit rate on alleged bogus purchases from six parties. The assessee failed to prove genuineness of purchases, as notices under s.133(6) were unserved and no sufficient evidence was produced. However, since the books of account were not rejected and sales were not disputed, only the profit element embedded in such purchases was held taxable, not the entire purchase value. Finding no distinguishing material, ITAT dismissed both the assessee's and Revenue's cross-appeals. Case-Laws Income Tax Fri, 09 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464894