https://www.taxtmi.com/caselaws?id=183471 The Tribunal overturned the adhoc addition made by the Ld. CIT(A) in a case involving alleged bogus purchases for assessment years 2006-07 and 2008-09. The appellant, a trader in cotton and fabrics, contested the treatment of purchases as bogus, supported by the lack of substantial evidence and the retraction made by the involved parties. Emphasizing the need for proper assessment based on verified facts, the Tribunal ruled in favor of the appellant, deleting the adhoc addition and allowing the appeals for both years. This decision highlights the importance of substantiated evidence and adherence to accounting principles in tax assessments. en-us Tue, 10 Jun 2014 00:00:00 +0530 Mon, 26 Sep 2016 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183471 The Tribunal overturned the adhoc addition made by the Ld. CIT(A) in a case involving alleged bogus purchases for assessment years 2006-07 and 2008-09. The appellant, a trader in cotton and fabrics, contested the treatment of purchases as bogus, supported by the lack of substantial evidence and the retraction made by the involved parties. Emphasizing the need for proper assessment based on verified facts, the Tribunal ruled in favor of the appellant, deleting the adhoc addition and allowing the appeals for both years. This decision highlights the importance of substantiated evidence and adherence to accounting principles in tax assessments. Case-Laws Income Tax Tue, 10 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183471