https://www.taxtmi.com/caselaws?id=289544 The Appellate Tribunal allowed the assessee's appeal in part and dismissed the revenue's appeal in a case concerning the addition of purchases made from suppliers deemed bogus. The Tribunal restricted the addition to 2% of the alleged bogus purchases to prevent revenue leakage, emphasizing the genuineness of the purchases despite the suppliers being fake. The decision underscored the importance of verifying payments and considering the overall circumstances in such cases, providing a balanced resolution. en-us Wed, 22 Nov 2017 00:00:00 +0530 Thu, 06 Aug 2020 06:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289544 The Appellate Tribunal allowed the assessee's appeal in part and dismissed the revenue's appeal in a case concerning the addition of purchases made from suppliers deemed bogus. The Tribunal restricted the addition to 2% of the alleged bogus purchases to prevent revenue leakage, emphasizing the genuineness of the purchases despite the suppliers being fake. The decision underscored the importance of verifying payments and considering the overall circumstances in such cases, providing a balanced resolution. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289544