https://www.taxtmi.com/caselaws?id=367798 The Tribunal reduced the addition of 30% of bogus purchases made by the assessee to 12.5%, partially allowing the appeal. The Tribunal considered the assessee's explanation of corresponding sales and lack of VAT numbers for parties, along with acceptable gross profit on sales, in determining the reduction. The decision emphasizes the significance of maintaining proper documentation and transparency in business dealings to prevent unfavorable tax consequences. en-us Thu, 12 Jul 2018 00:00:00 +0530 Tue, 25 Sep 2018 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367798 The Tribunal reduced the addition of 30% of bogus purchases made by the assessee to 12.5%, partially allowing the appeal. The Tribunal considered the assessee's explanation of corresponding sales and lack of VAT numbers for parties, along with acceptable gross profit on sales, in determining the reduction. The decision emphasizes the significance of maintaining proper documentation and transparency in business dealings to prevent unfavorable tax consequences. Case-Laws Income Tax Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367798