https://www.taxtmi.com/caselaws?id=377523 The appellate tribunal upheld the CIT(A)'s decision to restrict the disallowance of purchases to 2% of the total bogus purchases. The tribunal agreed that the AO lacked independent verifications and there was evidence that suppliers provided only accommodation entries. It was held that only the profit element in such purchases should be added to the assessee's income. The tribunal found the CIT(A)'s decision appropriate, citing the judgment in CIT vs. Simit Sheth, and dismissed the revenue's appeal. en-us Wed, 27 Mar 2019 00:00:00 +0530 Sat, 30 Mar 2019 08:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377523 The appellate tribunal upheld the CIT(A)'s decision to restrict the disallowance of purchases to 2% of the total bogus purchases. The tribunal agreed that the AO lacked independent verifications and there was evidence that suppliers provided only accommodation entries. It was held that only the profit element in such purchases should be added to the assessee's income. The tribunal found the CIT(A)'s decision appropriate, citing the judgment in CIT vs. Simit Sheth, and dismissed the revenue's appeal. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377523