https://www.taxtmi.com/caselaws?id=285682 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance of purchases from an accommodation entry provider to 12%, citing a precedent that undisclosed income from bogus transactions should be added to total income. The assessee failed to prove the genuineness of the purchases, leading to the addition of 12% of the alleged bogus purchases. The disallowance of depreciation on plant & machinery was linked to a previous year's disallowance of capital expenditure. The reassessment proceedings were deemed legal after recorded reasons were provided, resulting in the partial allowance of the appeal for statistical purposes. en-us Mon, 15 Jul 2019 00:00:00 +0530 Tue, 21 Jan 2020 20:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285682 The Tribunal upheld the CIT(A)'s decision to restrict the disallowance of purchases from an accommodation entry provider to 12%, citing a precedent that undisclosed income from bogus transactions should be added to total income. The assessee failed to prove the genuineness of the purchases, leading to the addition of 12% of the alleged bogus purchases. The disallowance of depreciation on plant & machinery was linked to a previous year's disallowance of capital expenditure. The reassessment proceedings were deemed legal after recorded reasons were provided, resulting in the partial allowance of the appeal for statistical purposes. Case-Laws Income Tax Mon, 15 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285682