https://www.taxtmi.com/caselaws?id=251628 The Tribunal allowed the appeal partly, directing the AO to calculate a 30% net profit on the alleged bogus purchases and adjust the income accordingly. The delay in filing the appeal was condoned after considering reasons provided by the assessee and relevant case law. The addition to income based on unproven purchases was upheld, emphasizing the appellant's failure to demonstrate the purchases' genuineness. Penalty proceedings under section 271(1)(c) were linked to the findings on bogus purchases. The decision was pronounced on 14/03/2014. en-us Fri, 14 Mar 2014 00:00:00 +0530 Fri, 19 Sep 2014 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251628 The Tribunal allowed the appeal partly, directing the AO to calculate a 30% net profit on the alleged bogus purchases and adjust the income accordingly. The delay in filing the appeal was condoned after considering reasons provided by the assessee and relevant case law. The addition to income based on unproven purchases was upheld, emphasizing the appellant's failure to demonstrate the purchases' genuineness. Penalty proceedings under section 271(1)(c) were linked to the findings on bogus purchases. The decision was pronounced on 14/03/2014. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251628