https://www.taxtmi.com/caselaws?id=344164 The ITAT partially allowed the assessee's appeals for AY 2009-10 and AY 2011-12 regarding the disallowance of bogus purchases. The Tribunal restricted the disallowance to 12.5% of the alleged bogus purchases in both years, amounting to Rs. 4,89,774 for AY 2009-10 and Rs. 3,38,222 for AY 2011-12. The ITAT found that despite lack of physical delivery evidence, the assessee had invoices, made payments through banking channels, and had quantitative details available, leading to the partial allowance of the appeals. The AO was directed to recompute Book Profits u/s 115JB and adjust business losses accordingly. en-us Thu, 04 May 2017 00:00:00 +0530 Sat, 10 Jun 2017 05:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344164 The ITAT partially allowed the assessee's appeals for AY 2009-10 and AY 2011-12 regarding the disallowance of bogus purchases. The Tribunal restricted the disallowance to 12.5% of the alleged bogus purchases in both years, amounting to Rs. 4,89,774 for AY 2009-10 and Rs. 3,38,222 for AY 2011-12. The ITAT found that despite lack of physical delivery evidence, the assessee had invoices, made payments through banking channels, and had quantitative details available, leading to the partial allowance of the appeals. The AO was directed to recompute Book Profits u/s 115JB and adjust business losses accordingly. Case-Laws Income Tax Thu, 04 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344164