100% Disallowance of Bogus Purchases Unjustified – Only Profit Element Taxable

Rajesh Harishbhai Shah (HUF) Vs ITO (ITAT Mumbai) 100% disallowance of alleged bogus purchases unsustainable- Only profit element to be taxed by after adjusting gross profit declared Assessee had raised multiple grounds including jurisdiction of AO, denial of natural justice & validity of reassessment u/s 147. However, during the course of hearing, no specific arguments were advanced on these issues & hence Tribunal treated ground numbers 1 to 3 as not pressed and dismissed them. The substantive issue related to disallowance of purchases amounting to Rs. 36,92,969/- u/s 69C on account ...