https://www.taxtmi.com/caselaws?id=283127 The ITAT upheld a 12.5% disallowance on alleged bogus purchases totaling Rs. 42,58,952/- from two parties, considering the assessee's trade nature and maintaining quantitative details despite lack of proof. The addition for unexplained payments of Rs. 26,76,559/- was dismissed as payments were made by cheque and properly recorded. The ITAT ruled in favor of the assessee, partially allowing the appeal and dismissing the Revenue's appeal. en-us Thu, 29 May 2008 00:00:00 +0530 Mon, 09 Sep 2019 12:19:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283127 The ITAT upheld a 12.5% disallowance on alleged bogus purchases totaling Rs. 42,58,952/- from two parties, considering the assessee's trade nature and maintaining quantitative details despite lack of proof. The addition for unexplained payments of Rs. 26,76,559/- was dismissed as payments were made by cheque and properly recorded. The ITAT ruled in favor of the assessee, partially allowing the appeal and dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 29 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283127