https://www.taxtmi.com/caselaws?id=352543 The HC dismissed the appeals concerning the Income Tax Appellate Tribunal's decisions on bogus purchases and unexplained cash deposits. For the bogus purchases, the Tribunal reduced the addition to 5% based on evidence of genuine transactions, which the HC upheld, finding no substantial legal question. Regarding unexplained cash deposits, the Tribunal accepted the assessee's explanation that deposits were from available cash balance, properly recorded, and the HC confirmed this, noting no defects in the cash book. The Tribunal's orders were upheld, and no further legal intervention was deemed necessary. en-us Mon, 27 Nov 2017 00:00:00 +0530 Sat, 10 Feb 2024 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352543 The HC dismissed the appeals concerning the Income Tax Appellate Tribunal's decisions on bogus purchases and unexplained cash deposits. For the bogus purchases, the Tribunal reduced the addition to 5% based on evidence of genuine transactions, which the HC upheld, finding no substantial legal question. Regarding unexplained cash deposits, the Tribunal accepted the assessee's explanation that deposits were from available cash balance, properly recorded, and the HC confirmed this, noting no defects in the cash book. The Tribunal's orders were upheld, and no further legal intervention was deemed necessary. Case-Laws Income Tax Mon, 27 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352543