ITAT Mumbai Judgments — August 2017

The tribunal upheld the disallowance of the business loss, agreeing with the lower authorities that the assessee failed to prove the genuineness of the transactions leading to the loss.

The Tribunal upheld the CIT(A)'s decision to sustain an addition of 10% of the alleged bogus purchases. The Tribunal found that while some evidence was provided by the assessee, the failure to produce parties and unserved notices indicated issues with genuineness.

The Tribunal upheld the CIT(A)'s decision to delete the disallowance of commission paid to the HUF and salary paid to the assessee's wife, finding no infirmity in the order. The Tribunal also upheld the CIT(A)'s restriction of disallowances on various expenses to 15%.