https://www.taxtmi.com/caselaws?id=278024 The ITAT partially allowed the appeal, modifying the disallowance on alleged bogus purchases for A.Y. 2009-10 to 12.5% after considering the appellant's reliance on documentary evidence and the nature of purchases from the grey market. The ITAT also addressed the plea for withdrawal of penalty proceedings under section 271(1)(c) without providing detailed reasoning. The judgment highlighted the significance of documentary evidence in such cases, the implications of grey market transactions, and the necessity to prevent double taxation by adjusting disallowance percentages based on declared gross profits. en-us Mon, 01 Jan 2018 00:00:00 +0530 Sat, 05 Jan 2019 06:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278024 The ITAT partially allowed the appeal, modifying the disallowance on alleged bogus purchases for A.Y. 2009-10 to 12.5% after considering the appellant's reliance on documentary evidence and the nature of purchases from the grey market. The ITAT also addressed the plea for withdrawal of penalty proceedings under section 271(1)(c) without providing detailed reasoning. The judgment highlighted the significance of documentary evidence in such cases, the implications of grey market transactions, and the necessity to prevent double taxation by adjusting disallowance percentages based on declared gross profits. Case-Laws Income Tax Mon, 01 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278024