https://www.taxtmi.com/caselaws?id=184712 The Tribunal allowed the assessee's appeal regarding the addition of Rs. 3,02,17,147 as income from undisclosed sources due to alleged bogus purchases, finding the purchases genuine based on supplier statements and bank evidence. However, the appeal against penalty proceedings initiation was dismissed. Additionally, the deletion of Rs. 1 crore for share application was upheld as a book adjustment without impacting the assessee's assets. The assessee's appeal was partly allowed, while the revenue's appeal was dismissed. en-us Thu, 31 May 2012 00:00:00 +0530 Mon, 18 Jul 2016 16:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184712 The Tribunal allowed the assessee's appeal regarding the addition of Rs. 3,02,17,147 as income from undisclosed sources due to alleged bogus purchases, finding the purchases genuine based on supplier statements and bank evidence. However, the appeal against penalty proceedings initiation was dismissed. Additionally, the deletion of Rs. 1 crore for share application was upheld as a book adjustment without impacting the assessee's assets. The assessee's appeal was partly allowed, while the revenue's appeal was dismissed. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184712