https://www.taxtmi.com/caselaws?id=376295 The Appellate Tribunal partially allowed the appeal, directing a disallowance of 12.5% of the bogus purchases for A.Y. 2009-10 and 2010-11. The disallowance was adjusted by the gross profit rate declared by the assessee on these transactions to prevent double jeopardy. The Tribunal considered the documentary evidence provided by the appellant for the purchases and reduced the disallowance from the initial 25% by the Assessing Officer to 12.5% based on the nature of purchases from the grey market, following a High Court decision. en-us Fri, 01 Mar 2019 00:00:00 +0530 Wed, 06 Mar 2019 06:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376295 The Appellate Tribunal partially allowed the appeal, directing a disallowance of 12.5% of the bogus purchases for A.Y. 2009-10 and 2010-11. The disallowance was adjusted by the gross profit rate declared by the assessee on these transactions to prevent double jeopardy. The Tribunal considered the documentary evidence provided by the appellant for the purchases and reduced the disallowance from the initial 25% by the Assessing Officer to 12.5% based on the nature of purchases from the grey market, following a High Court decision. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376295