https://www.taxtmi.com/caselaws?id=330088 The Tribunal allowed the appeal, ruling against the addition of Rs. 3,07,95,467 on account of bogus purchases. It found the Assessing Officer lacked sufficient evidence to support the addition and noted that disallowing purchases would lead to an unrealistic gross profit rate. The Tribunal emphasized that since sales were accepted, the purchases were considered genuine. As a result, the addition was deleted, and the appeal was successful, with the order pronounced on May 2, 2016. en-us Mon, 02 May 2016 00:00:00 +0530 Mon, 18 Jul 2016 11:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330088 The Tribunal allowed the appeal, ruling against the addition of Rs. 3,07,95,467 on account of bogus purchases. It found the Assessing Officer lacked sufficient evidence to support the addition and noted that disallowing purchases would lead to an unrealistic gross profit rate. The Tribunal emphasized that since sales were accepted, the purchases were considered genuine. As a result, the addition was deleted, and the appeal was successful, with the order pronounced on May 2, 2016. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330088