https://www.taxtmi.com/caselaws?id=337903 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal in cross appeals under section 253 of the Income Tax Act for the assessment year 2010-11. The Tribunal upheld the deletion of disallowance of interest expenses due to surplus funds available with the assessee. Regarding the disallowance of bogus purchases, the Tribunal reduced the amount to 15% of the total purchases, emphasizing the need for independent verification and proper assessment. The AO was directed to recalculate the disallowance. en-us Fri, 18 Nov 2016 00:00:00 +0530 Fri, 20 Jan 2017 07:25:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337903 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal in cross appeals under section 253 of the Income Tax Act for the assessment year 2010-11. The Tribunal upheld the deletion of disallowance of interest expenses due to surplus funds available with the assessee. Regarding the disallowance of bogus purchases, the Tribunal reduced the amount to 15% of the total purchases, emphasizing the need for independent verification and proper assessment. The AO was directed to recalculate the disallowance. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337903