https://www.taxtmi.com/caselaws?id=346136 The High Court upheld the Tribunal's decision regarding a case involving challenges to the disallowance of bogus purchases and the addition of undisclosed income. The Court supported the Tribunal's reduction of the addition to 8% of the bogus purchases, emphasizing that adding the entire amount would distort the profit margin. Additionally, the Court agreed that no separate addition was warranted for the disclosed income, as it was already part of the sustained addition. As a result, the Tax Appeals were dismissed. en-us Tue, 01 Aug 2017 00:00:00 +0530 Thu, 10 Aug 2017 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346136 The High Court upheld the Tribunal's decision regarding a case involving challenges to the disallowance of bogus purchases and the addition of undisclosed income. The Court supported the Tribunal's reduction of the addition to 8% of the bogus purchases, emphasizing that adding the entire amount would distort the profit margin. Additionally, the Court agreed that no separate addition was warranted for the disclosed income, as it was already part of the sustained addition. As a result, the Tax Appeals were dismissed. Case-Laws Income Tax Tue, 01 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346136