https://www.taxtmi.com/caselaws?id=289516 The Tribunal partially allowed the appeal challenging the addition of Rs. 1,15,990 on account of bogus purchases for the assessment year 2011-12. The Assessing Officer's decision to treat the purchases as non-genuine was upheld, but the addition was restricted to the profit element of 12.5%. The Tribunal directed the Assessing Officer to verify VAT payments by the assessee and reduce it from the addition made, sustaining the addition to the balance amount. The challenge against the levy of interest under various provisions of the Act was dismissed as interest was deemed mandatory and consequential. en-us Wed, 19 Sep 2018 00:00:00 +0530 Tue, 04 Aug 2020 20:13:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289516 The Tribunal partially allowed the appeal challenging the addition of Rs. 1,15,990 on account of bogus purchases for the assessment year 2011-12. The Assessing Officer's decision to treat the purchases as non-genuine was upheld, but the addition was restricted to the profit element of 12.5%. The Tribunal directed the Assessing Officer to verify VAT payments by the assessee and reduce it from the addition made, sustaining the addition to the balance amount. The challenge against the levy of interest under various provisions of the Act was dismissed as interest was deemed mandatory and consequential. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289516