https://www.taxtmi.com/caselaws?id=285905 The Tribunal partially allowed the appeal, reducing the estimated disallowance on alleged bogus purchase to Rs. 6,42,657. The Tribunal emphasized the importance of considering the quantitative aspects and profits declared by the assessee in such cases, noting that purchases from potentially bogus parties could not be automatically deemed as bogus, especially when profits were declared on those purchases. The Tribunal directed the Assessing Officer to maintain equity in the assessment by restricting the disallowance amount based on the profits already declared by the assessee. en-us Wed, 31 Oct 2018 00:00:00 +0530 Tue, 04 Feb 2020 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285905 The Tribunal partially allowed the appeal, reducing the estimated disallowance on alleged bogus purchase to Rs. 6,42,657. The Tribunal emphasized the importance of considering the quantitative aspects and profits declared by the assessee in such cases, noting that purchases from potentially bogus parties could not be automatically deemed as bogus, especially when profits were declared on those purchases. The Tribunal directed the Assessing Officer to maintain equity in the assessment by restricting the disallowance amount based on the profits already declared by the assessee. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285905