https://www.taxtmi.com/caselaws?id=394716 The Tribunal upheld the decision to restrict the addition to 25% of bogus purchases, aligning with the precedent set by the Bombay HC in Pr.CIT v. M/s. Mohommad Haji Adam & Co. The AO was instructed to adjust the Gross Profit rate on the alleged bogus purchases to match genuine purchases. The Tribunal dismissed the Revenue's appeals and partially allowed the assessee's cross objections, emphasizing that the sales were accepted without discrepancies. The Tribunal's decision was delivered in open court on February 28, 2020, directing the assessee to provide necessary documentation for verification. en-us Fri, 28 Feb 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394716 The Tribunal upheld the decision to restrict the addition to 25% of bogus purchases, aligning with the precedent set by the Bombay HC in Pr.CIT v. M/s. Mohommad Haji Adam & Co. The AO was instructed to adjust the Gross Profit rate on the alleged bogus purchases to match genuine purchases. The Tribunal dismissed the Revenue's appeals and partially allowed the assessee's cross objections, emphasizing that the sales were accepted without discrepancies. The Tribunal's decision was delivered in open court on February 28, 2020, directing the assessee to provide necessary documentation for verification. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394716