https://www.taxtmi.com/caselaws?id=348588 The Tribunal in the case concerning Income Tax Act provisions for Assessment Year 2010-11 addressed issues including reopening of assessment, disallowance of purchases, rejection of books of accounts, and estimation of profit. The AO disallowed alleged bogus purchases, later restricted by the CIT(A) and further reduced by the Tribunal to 12.5% of the amount, emphasizing taxation of real income. Criticizing the CIT(A)'s reliance on legal precedents, the Tribunal emphasized reasonable disallowance. Ultimately, the Revenue's appeal was dismissed, and the assessee's appeal was partly allowed, with the disallowance restricted to 12.5% of the alleged bogus purchases. en-us Wed, 06 Sep 2017 00:00:00 +0530 Mon, 25 Sep 2017 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348588 The Tribunal in the case concerning Income Tax Act provisions for Assessment Year 2010-11 addressed issues including reopening of assessment, disallowance of purchases, rejection of books of accounts, and estimation of profit. The AO disallowed alleged bogus purchases, later restricted by the CIT(A) and further reduced by the Tribunal to 12.5% of the amount, emphasizing taxation of real income. Criticizing the CIT(A)'s reliance on legal precedents, the Tribunal emphasized reasonable disallowance. Ultimately, the Revenue's appeal was dismissed, and the assessee's appeal was partly allowed, with the disallowance restricted to 12.5% of the alleged bogus purchases. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348588