https://www.taxtmi.com/caselaws?id=348767 The Tribunal modified the orders, directing the Assessing Officer to limit the addition to 10% of the alleged bogus purchases. The Appeals of the revenue were dismissed, while those of the assessee were allowed in part. The judgment underscores the assessment of additions concerning purported bogus purchases, the burden of proof on the assessee, and the relevance of corresponding sales in verifying transaction legitimacy. It highlights the significance of factual evidence and reasonableness in tax authority's additions, resulting in a partial allowance of the assessee's appeals. en-us Wed, 20 Sep 2017 00:00:00 +0530 Thu, 28 Sep 2017 07:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348767 The Tribunal modified the orders, directing the Assessing Officer to limit the addition to 10% of the alleged bogus purchases. The Appeals of the revenue were dismissed, while those of the assessee were allowed in part. The judgment underscores the assessment of additions concerning purported bogus purchases, the burden of proof on the assessee, and the relevance of corresponding sales in verifying transaction legitimacy. It highlights the significance of factual evidence and reasonableness in tax authority's additions, resulting in a partial allowance of the assessee's appeals. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348767