https://www.taxtmi.com/caselaws?id=387894 The CIT(A) was justified in restricting the disallowance of bogus purchases to 12.5% of purchases from hawala dealers. The Tribunal upheld this decision, emphasizing the lack of contrary evidence and the appropriateness of taxing the profit on such purchases rather than the entire amount. The revenue's appeal was dismissed for both the Assessment Years 2009-10 and 2010-11 based on this reasoning. en-us Thu, 03 Oct 2019 00:00:00 +0530 Mon, 04 Nov 2019 07:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387894 The CIT(A) was justified in restricting the disallowance of bogus purchases to 12.5% of purchases from hawala dealers. The Tribunal upheld this decision, emphasizing the lack of contrary evidence and the appropriateness of taxing the profit on such purchases rather than the entire amount. The revenue's appeal was dismissed for both the Assessment Years 2009-10 and 2010-11 based on this reasoning. Case-Laws Income Tax Thu, 03 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387894