https://www.taxtmi.com/caselaws?id=397359 The Tribunal upheld the CIT(A)'s decision to restrict the addition on account of bogus purchases to 12.5%, finding it appropriate to disallow only the profit element embedded in the purchases. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s conclusion that the appellant failed to adequately prove the genuineness of the transactions, supporting the restriction to 12.5% of the alleged bogus purchases. en-us Mon, 01 Jun 2020 00:00:00 +0530 Mon, 17 Aug 2020 10:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397359 The Tribunal upheld the CIT(A)'s decision to restrict the addition on account of bogus purchases to 12.5%, finding it appropriate to disallow only the profit element embedded in the purchases. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s conclusion that the appellant failed to adequately prove the genuineness of the transactions, supporting the restriction to 12.5% of the alleged bogus purchases. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397359