https://www.taxtmi.com/caselaws?id=289519 The revenue's appeals for Assessment Years 2009-10, 2010-11, and 2011-12, challenging the estimation of additions due to alleged bogus purchases, were dismissed. The CIT(A) reduced the estimated additions to 12.5%, which the Tribunal further modified to 5% based on business nature and lower VAT rates. The reassessment proceedings and rejection of books of accounts were challenged by the assessee, with the Tribunal partially allowing their appeal. The Tribunal's decision provided detailed reasoning and modifications to the additions made on account of alleged bogus purchases across the assessment years. en-us Tue, 23 Apr 2019 00:00:00 +0530 Tue, 04 Aug 2020 20:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289519 The revenue's appeals for Assessment Years 2009-10, 2010-11, and 2011-12, challenging the estimation of additions due to alleged bogus purchases, were dismissed. The CIT(A) reduced the estimated additions to 12.5%, which the Tribunal further modified to 5% based on business nature and lower VAT rates. The reassessment proceedings and rejection of books of accounts were challenged by the assessee, with the Tribunal partially allowing their appeal. The Tribunal's decision provided detailed reasoning and modifications to the additions made on account of alleged bogus purchases across the assessment years. Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289519