https://www.taxtmi.com/caselaws?id=346654 The Tribunal confirmed the CIT(A)'s decision to reduce the addition to 12.5% of the disputed amount on account of alleged bogus purchases, emphasizing that only the profit element embedded in such purchases should be added to the income of the assessee. The Tribunal noted that the Revenue accepted the assessee's sales, indicating purchases were likely made from other parties to save tax. Without concrete evidence proving otherwise, the Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal. en-us Thu, 15 Jun 2017 00:00:00 +0530 Mon, 21 Aug 2017 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346654 The Tribunal confirmed the CIT(A)'s decision to reduce the addition to 12.5% of the disputed amount on account of alleged bogus purchases, emphasizing that only the profit element embedded in such purchases should be added to the income of the assessee. The Tribunal noted that the Revenue accepted the assessee's sales, indicating purchases were likely made from other parties to save tax. Without concrete evidence proving otherwise, the Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 15 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346654