https://www.taxtmi.com/caselaws?id=375157 The Tribunal upheld the First Appellate Authority's decision to restrict the disallowance of bogus purchases to 8%, considering the already declared gross profit of 4.5% by the assessee. Relying on various precedents, the Tribunal emphasized taxing only the profit element in such cases. The Revenue's appeals were dismissed, concluding that the addition should be limited to the profit element embedded in the bogus purchases. en-us Tue, 01 Jan 2019 00:00:00 +0530 Fri, 15 Feb 2019 08:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375157 The Tribunal upheld the First Appellate Authority's decision to restrict the disallowance of bogus purchases to 8%, considering the already declared gross profit of 4.5% by the assessee. Relying on various precedents, the Tribunal emphasized taxing only the profit element in such cases. The Revenue's appeals were dismissed, concluding that the addition should be limited to the profit element embedded in the bogus purchases. Case-Laws Income Tax Tue, 01 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375157