https://www.taxtmi.com/caselaws?id=350365 The Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to restrict the disallowance of alleged bogus purchases to 12.5% of the total amount. The Tribunal acknowledged that while the purchases were not entirely genuine, taxing only the profit element in such cases was appropriate. The decision partially favored the assessee by reducing the disallowance rate and dismissing the Revenue's appeal. The ruling was issued on October 25, 2017. en-us Wed, 25 Oct 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350365 The Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to restrict the disallowance of alleged bogus purchases to 12.5% of the total amount. The Tribunal acknowledged that while the purchases were not entirely genuine, taxing only the profit element in such cases was appropriate. The decision partially favored the assessee by reducing the disallowance rate and dismissing the Revenue's appeal. The ruling was issued on October 25, 2017. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350365