Tax Guru

Bogus Purchase Disallowance – Issue of 12.5% vs 100% Addition Remanded to CIT(A) for Fresh Fact Verification – ITAT Mumbai

The Tribunal found inconsistencies in the CIT(A)’s findings while restricting addition to 12.5% of purchases. As key facts were not properly examined, the issue was restored for fresh ...
Tax Guru

Bogus Purchase Addition Restricted to Profit Element @6.5% Commission Disallowance Deleted – Delay Condoned – ITAT Mumbai

The Tribunal ruled that mere reliance on Sales Tax Department information and unserved notices cannot justify full addition. Since turnover and quantitative records were accepted, only estimated ...