https://www.taxtmi.com/caselaws?id=278902 The tribunal upheld the CIT(A)'s decision to dismiss the revenue's appeal, affirming the deletion of the addition on account of bogus purchases and the deduction from Work-in-Progress (WIP). The CIT(A) had reduced the addition to 20% of the alleged bogus purchases, citing the need for further investigation and emphasizing taxing only the profit element. Additionally, the deduction from WIP was adjusted based on genuine loan parties, resulting in a higher amount than initially claimed. The tribunal found no errors in the CIT(A)'s decisions and deemed them appropriate, leading to the dismissal of the revenue's appeal. en-us Wed, 29 Aug 2018 00:00:00 +0530 Sun, 24 Feb 2019 14:02:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278902 The tribunal upheld the CIT(A)'s decision to dismiss the revenue's appeal, affirming the deletion of the addition on account of bogus purchases and the deduction from Work-in-Progress (WIP). The CIT(A) had reduced the addition to 20% of the alleged bogus purchases, citing the need for further investigation and emphasizing taxing only the profit element. Additionally, the deduction from WIP was adjusted based on genuine loan parties, resulting in a higher amount than initially claimed. The tribunal found no errors in the CIT(A)'s decisions and deemed them appropriate, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278902