Bogus Purchases: ITAT Mumbai Upholds 4% GP Rate Instead of 12.5%

ITO Vs Deepak JagshibhaiVisaria (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, has dismissed two appeals filed by the Income Tax Officer (ITO) against separate orders issued by the National Faceless Appeal Centre (NFAC), Delhi, for the assessment years 2009-10 and 2011-12. The appeals, both dated June 18, 2024, challenged the NFAC’s decisions that partially allowed relief to Deepak Jagshibhai Visaria concerning additions made by the Assessing Officer (AO) under Section 143(3) of the Income-tax Act, 1961. The AO had, based on information from the Maharashtra Sales-tax Departm...