The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the department cannot make 100% disallowance for bogus purchases in cases where the sales are not doubted. The assessee, a Partnership Firm, engaged in the business of ‘import, manufacturing and trading of cut and polished diamonds filed return on 27-10-2007 declaring total income of Rs.15,93,584/-. […]
The post 100% Disallowance for Bogus Purchases can’t be made when Sales are not Doubted: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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