https://www.taxtmi.com/caselaws?id=396793 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals by directing the Ld. AO to estimate the additions at 1% on a net basis for the alleged bogus purchases, resulting in reduced additions for both AY 2009-10 and AY 2010-11. The issues of interest under Section 234B and penalty under Section 271(1)(c) were deemed consequential and did not require specific adjudication. The delay in pronouncement of the order was attributed to the unprecedented circumstances caused by the COVID-19 pandemic, which was acknowledged and justified by the Tribunal. en-us Mon, 13 Jul 2020 00:00:00 +0530 Mon, 20 Jul 2020 13:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396793 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals by directing the Ld. AO to estimate the additions at 1% on a net basis for the alleged bogus purchases, resulting in reduced additions for both AY 2009-10 and AY 2010-11. The issues of interest under Section 234B and penalty under Section 271(1)(c) were deemed consequential and did not require specific adjudication. The delay in pronouncement of the order was attributed to the unprecedented circumstances caused by the COVID-19 pandemic, which was acknowledged and justified by the Tribunal. Case-Laws Income Tax Mon, 13 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396793