https://www.taxtmi.com/caselaws?id=343793 The tribunal allowed the assessee's appeals in part, limiting the addition on account of bogus purchases to 10% for the relevant assessment years. This decision followed a ruling of the Bombay High Court, considering the trade nature and evidence provided by the assessee. Despite the AO's allegations of obtaining bogus bills, the tribunal found the assessee's use of purchased material in business and consistent gross profits as indicative of genuineness. The tribunal's judgment provided relief to the assessee by reducing the additions based on the specific facts and legal precedents cited. en-us Wed, 26 Apr 2017 00:00:00 +0530 Thu, 01 Jun 2017 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343793 The tribunal allowed the assessee's appeals in part, limiting the addition on account of bogus purchases to 10% for the relevant assessment years. This decision followed a ruling of the Bombay High Court, considering the trade nature and evidence provided by the assessee. Despite the AO's allegations of obtaining bogus bills, the tribunal found the assessee's use of purchased material in business and consistent gross profits as indicative of genuineness. The tribunal's judgment provided relief to the assessee by reducing the additions based on the specific facts and legal precedents cited. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343793