https://www.taxtmi.com/caselaws?id=198746 The tribunal upheld the CIT(A)'s decision to add 12.5% on alleged bogus purchases, resulting in an addition of Rs. 7,47,781 to the assessee's income for the assessment year 2010-11 under section 143(3) of the IT Act. The tribunal determined that the purchases were not bogus but indicated potential underreporting of income by dealing with unregistered dealers. It directed the AO to limit the addition to 10% of the alleged bogus purchases, dismissing the revenue's appeal and partially allowing the assessee's cross objection. The decision was rendered on October 9, 2017. en-us Mon, 09 Oct 2017 00:00:00 +0530 Thu, 08 Feb 2018 07:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198746 The tribunal upheld the CIT(A)'s decision to add 12.5% on alleged bogus purchases, resulting in an addition of Rs. 7,47,781 to the assessee's income for the assessment year 2010-11 under section 143(3) of the IT Act. The tribunal determined that the purchases were not bogus but indicated potential underreporting of income by dealing with unregistered dealers. It directed the AO to limit the addition to 10% of the alleged bogus purchases, dismissing the revenue's appeal and partially allowing the assessee's cross objection. The decision was rendered on October 9, 2017. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198746