ITAT Mumbai restricts addition for Bogus purchases to 10% of disputed purchases

Leelaben Kantilal Parekh Vs ITO (ITAT Mumbai) In the realm of tax litigation, the Income Tax Appellate Tribunal (ITAT) Mumbai’s decision in the case of Leelaben Kantilal Parekh vs. Income Tax Officer (ITO) stands as a significant judgment, addressing key issues surrounding the reassessment process under the Income Tax Act, 1961. This case, adjudicated on 29th December 2023, meticulously examines the procedural and substantive aspects of tax reassessment, particularly focusing on the genuineness of purchases and the legality of the notice issued under Section 148 of the Act. This article ...