https://www.taxtmi.com/caselaws?id=350325 The High Court upheld the decisions of the lower authorities in a tax appeal case. The Tribunal's deletion of a liability against purchases claimed as bogus was justified as the purchases were part of genuine trade practice with proper records. The addition of extra profit by the Assessing Officer was also deleted as the AO's different profit rate application was unfounded, and the assessee's payment records supported the original disclosure. The Court emphasized the significance of maintaining accurate records and evidence in tax assessments, dismissing the appeal. en-us Wed, 11 Oct 2017 00:00:00 +0530 Fri, 03 Nov 2017 11:50:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350325 The High Court upheld the decisions of the lower authorities in a tax appeal case. The Tribunal's deletion of a liability against purchases claimed as bogus was justified as the purchases were part of genuine trade practice with proper records. The addition of extra profit by the Assessing Officer was also deleted as the AO's different profit rate application was unfounded, and the assessee's payment records supported the original disclosure. The Court emphasized the significance of maintaining accurate records and evidence in tax assessments, dismissing the appeal. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350325