https://www.taxtmi.com/caselaws?id=286699 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal concerning the disallowance of alleged bogus purchases. The CIT(A) directed an estimation of profit at 17.5% on these purchases, which the assessee accepted. The Tribunal found no additional evidence was improperly considered and confirmed the CIT(A)'s application of judicial precedents, including the Gujarat HC decision in CIT vs Simit P. Seth. The Tribunal concluded that the revenue failed to substantiate its claims, affirming the CIT(A)'s findings and dismissing all grounds raised by the revenue. en-us Wed, 21 Sep 2016 00:00:00 +0530 Thu, 14 Nov 2024 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286699 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal concerning the disallowance of alleged bogus purchases. The CIT(A) directed an estimation of profit at 17.5% on these purchases, which the assessee accepted. The Tribunal found no additional evidence was improperly considered and confirmed the CIT(A)'s application of judicial precedents, including the Gujarat HC decision in CIT vs Simit P. Seth. The Tribunal concluded that the revenue failed to substantiate its claims, affirming the CIT(A)'s findings and dismissing all grounds raised by the revenue. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286699