https://www.taxtmi.com/caselaws?id=337375 The Tribunal partly allowed the Revenue's appeal, directing further examination of preliminary expenses and adding a 3% profit margin to disallowed purchases, in a case where the disallowance of bogus purchases was reduced to 2% of the total amount. The Tribunal emphasized the necessity of purchases due to undisputed sales and recorded payments, considering the profit element in such transactions. The issue of preliminary expenses was remanded for a fresh examination to determine their allowability under Section 35D of the Income Tax Act. en-us Thu, 03 Nov 2016 00:00:00 +0530 Sat, 07 Jan 2017 10:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337375 The Tribunal partly allowed the Revenue's appeal, directing further examination of preliminary expenses and adding a 3% profit margin to disallowed purchases, in a case where the disallowance of bogus purchases was reduced to 2% of the total amount. The Tribunal emphasized the necessity of purchases due to undisputed sales and recorded payments, considering the profit element in such transactions. The issue of preliminary expenses was remanded for a fresh examination to determine their allowability under Section 35D of the Income Tax Act. Case-Laws Income Tax Thu, 03 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337375