https://www.taxtmi.com/caselaws?id=349368 The Tribunal modified the CIT-A's order, setting the disallowance rate at 12.5% for bogus purchases in both assessment years. This decision was based on evidence and legal considerations, including the lack of movement of goods and transactions in the grey market. The Tribunal emphasized the need to consider specific facts of each case and referenced a Gujarat High Court decision. The assessee's counsel agreed to this proposition, resulting in the dismissal of certain appeals and partial allowance of one appeal. en-us Fri, 18 Aug 2017 00:00:00 +0530 Thu, 12 Oct 2017 08:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349368 The Tribunal modified the CIT-A's order, setting the disallowance rate at 12.5% for bogus purchases in both assessment years. This decision was based on evidence and legal considerations, including the lack of movement of goods and transactions in the grey market. The Tribunal emphasized the need to consider specific facts of each case and referenced a Gujarat High Court decision. The assessee's counsel agreed to this proposition, resulting in the dismissal of certain appeals and partial allowance of one appeal. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349368