https://www.taxtmi.com/caselaws?id=287839 The ITAT partly allowed the appeals, directing the Assessing Officer to restrict the disallowance to 15% of the bogus purchases in both cases. This decision was based on the principle of disallowing only the profit element in purchases, considering the trading nature of the assessee. The ITAT relied on precedents, including Sanjay Oil Cake Industries, to support this approach, emphasizing that the decision should not set a precedent for future assessments. en-us Wed, 26 Apr 2017 00:00:00 +0530 Wed, 06 May 2020 06:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287839 The ITAT partly allowed the appeals, directing the Assessing Officer to restrict the disallowance to 15% of the bogus purchases in both cases. This decision was based on the principle of disallowing only the profit element in purchases, considering the trading nature of the assessee. The ITAT relied on precedents, including Sanjay Oil Cake Industries, to support this approach, emphasizing that the decision should not set a precedent for future assessments. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287839