https://www.taxtmi.com/caselaws?id=398502 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order to restrict the addition to 3% of the alleged bogus purchases, amounting to Rs. 6,87,365/-. The Tribunal found this restriction fair and reasonable, considering the low-profit margin in the assessee's business and the recovery of sales tax by the Sales Tax Department. The purchases were recorded in the books and settled through bank payments, leading the Tribunal to conclude that section 69C was not applicable. en-us Mon, 14 Sep 2020 00:00:00 +0530 Thu, 17 Sep 2020 18:19:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398502 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order to restrict the addition to 3% of the alleged bogus purchases, amounting to Rs. 6,87,365/-. The Tribunal found this restriction fair and reasonable, considering the low-profit margin in the assessee's business and the recovery of sales tax by the Sales Tax Department. The purchases were recorded in the books and settled through bank payments, leading the Tribunal to conclude that section 69C was not applicable. Case-Laws Income Tax Mon, 14 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398502