https://www.taxtmi.com/caselaws?id=178927 The High Court allowed the appeal in part, ruling in favor of the Revenue regarding the issue of bogus purchases. The Court found the assessee's explanations inconsistent and reversed the Tribunal's decision, reinstating the first appellate authority's order. The assessment was restored, and the addition for purchase inflation was upheld. However, on the matter of unexplained trade credits, the Court remanded the issue to the AO for further consideration, stating that if creditors are identified in the subsequent year and payments verified, the addition will be deleted. en-us Fri, 18 Dec 2009 00:00:00 +0530 Tue, 16 Feb 2016 14:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178927 The High Court allowed the appeal in part, ruling in favor of the Revenue regarding the issue of bogus purchases. The Court found the assessee's explanations inconsistent and reversed the Tribunal's decision, reinstating the first appellate authority's order. The assessment was restored, and the addition for purchase inflation was upheld. However, on the matter of unexplained trade credits, the Court remanded the issue to the AO for further consideration, stating that if creditors are identified in the subsequent year and payments verified, the addition will be deleted. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178927