https://www.taxtmi.com/caselaws?id=344214 The Tribunal upheld the deletion of addition under section 69C of the Income Tax Act for unexplained expenditure on bogus purchases but sustained 12% of such purchases as GP. The appellant's challenge to the 12% addition was partially allowed, directing application of an 8% GP rate instead. The Tribunal aimed to strike a balance between genuine purchases and disputed authenticity of sellers, ensuring a fair assessment. The decision provided a nuanced approach to resolving the issues, emphasizing fairness and justice for both the revenue and the assessee. en-us Wed, 07 Jun 2017 00:00:00 +0530 Mon, 12 Jun 2017 08:55:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344214 The Tribunal upheld the deletion of addition under section 69C of the Income Tax Act for unexplained expenditure on bogus purchases but sustained 12% of such purchases as GP. The appellant's challenge to the 12% addition was partially allowed, directing application of an 8% GP rate instead. The Tribunal aimed to strike a balance between genuine purchases and disputed authenticity of sellers, ensuring a fair assessment. The decision provided a nuanced approach to resolving the issues, emphasizing fairness and justice for both the revenue and the assessee. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344214