https://www.taxtmi.com/caselaws?id=349618 The Tribunal partially allowed the assessee's appeals concerning deemed bogus purchases for AY 2010-11 and 2011-12. While acknowledging the purchases were from bogus entities, it estimated profit by disallowing 25% of the purchases. The Tribunal emphasized the lack of evidence provided by the assessee to substantiate the purchases but recognized the likely use of materials in projects. The decision aligned with precedents restricting disallowance to a percentage of inflated purchases to balance justice and protect Revenue interests. The orders were pronounced on 21/08/2017. en-us Mon, 21 Aug 2017 00:00:00 +0530 Wed, 18 Oct 2017 11:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349618 The Tribunal partially allowed the assessee's appeals concerning deemed bogus purchases for AY 2010-11 and 2011-12. While acknowledging the purchases were from bogus entities, it estimated profit by disallowing 25% of the purchases. The Tribunal emphasized the lack of evidence provided by the assessee to substantiate the purchases but recognized the likely use of materials in projects. The decision aligned with precedents restricting disallowance to a percentage of inflated purchases to balance justice and protect Revenue interests. The orders were pronounced on 21/08/2017. Case-Laws Income Tax Mon, 21 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349618