https://www.taxtmi.com/caselaws?id=354925 The Revenue's appeal challenging the disallowance/addition under section 69C of the Income Tax Act was dismissed by the Tribunal, upholding the decision to restrict the disallowance to 12.5% of alleged bogus purchases. Regarding the addition due to the difference in closing and opening stock, the Tribunal allowed the ground for statistical purposes and remanded the issue for further adjudication. Additionally, the Tribunal restored the issue of alleged bogus purchases to the Assessing Officer for reevaluation, emphasizing the necessity for the assessee to provide evidence. The assessee's appeal was partly allowed for statistical purposes, with the Tribunal stressing the significance of evidence in tax assessments. en-us Fri, 02 Feb 2018 00:00:00 +0530 Tue, 06 Feb 2018 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354925 The Revenue's appeal challenging the disallowance/addition under section 69C of the Income Tax Act was dismissed by the Tribunal, upholding the decision to restrict the disallowance to 12.5% of alleged bogus purchases. Regarding the addition due to the difference in closing and opening stock, the Tribunal allowed the ground for statistical purposes and remanded the issue for further adjudication. Additionally, the Tribunal restored the issue of alleged bogus purchases to the Assessing Officer for reevaluation, emphasizing the necessity for the assessee to provide evidence. The assessee's appeal was partly allowed for statistical purposes, with the Tribunal stressing the significance of evidence in tax assessments. Case-Laws Income Tax Fri, 02 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354925