https://www.taxtmi.com/caselaws?id=219639 The Tribunal partly allowed the appeal, significantly reducing the additions and disallowances made by the Assessing Officer and upheld by the CIT(A). The Tribunal found the Assessing Officer's estimations lacking material evidence and reduced the addition on alleged bogus purchases to Rs. 85,000. It also reduced the addition on gross profit to Rs. 15,000 due to unverifiable sales figures. The Tribunal deleted the addition of Rs. 1,15,000 on non-genuine unsecured loans after confirming the creditworthiness of the lender. Additionally, it reduced the disallowance of business expenses from Rs. 75,000 to Rs. 50,000, granting overall relief to the assessee. en-us Thu, 05 Jul 2012 00:00:00 +0530 Wed, 19 Dec 2012 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219639 The Tribunal partly allowed the appeal, significantly reducing the additions and disallowances made by the Assessing Officer and upheld by the CIT(A). The Tribunal found the Assessing Officer's estimations lacking material evidence and reduced the addition on alleged bogus purchases to Rs. 85,000. It also reduced the addition on gross profit to Rs. 15,000 due to unverifiable sales figures. The Tribunal deleted the addition of Rs. 1,15,000 on non-genuine unsecured loans after confirming the creditworthiness of the lender. Additionally, it reduced the disallowance of business expenses from Rs. 75,000 to Rs. 50,000, granting overall relief to the assessee. Case-Laws Income Tax Thu, 05 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219639