High Court of Bombay Dismisses Revenue's Appeal Against 3% Disallowance on Bogus Purchases; Upholds ITAT's Profit Estimation Approach. The Court held that since the Tribunal's findings that the purchases were bogus had attained finality and sales were not disputed, restricting the addition to 3% of peak purchases was justified without invoking Section 69C of the Income Tax Act, 1961....
The appeals arose from income tax assessment proceedings for Assessment Years 2009-10 and 2010-11, concerning the respondent-assessee, a trader in electronic items. The assessee filed a return declari...
