Case Law Analysis
|Income Tax Appellate Tribunal
Section 69C IT Act | Only Profit Margin, Not Full Bogus Purchase Amount, Addable Where Assessee Voluntarily Discloses Portion : ITAT Mumbai
ITAT Mumbai rules that when an assessee voluntarily discloses a portion of bogus purchases, only 12.5% profit margin-not the entire purchase amount-can be added under Section 69C. The decision aligns with jurisdictional High Court precedent, offering relief to taxpayers facing reassessment for non-genuine expenditures where partial disclosure is made.