https://www.taxtmi.com/caselaws?id=400114 The Tribunal partly allowed all three appeals, directing re-computation and deletion of certain additions and disallowances. The reassessment proceedings were deemed valid, with specific tangible information justifying income escapement. The addition on account of bogus purchases was restricted to 2% of the aggregate purchase amount. Unsecured loans, interest, and commission additions were deleted due to the assessee proving the loans' genuineness. The Tribunal directed re-computation of disallowance under Section 14A and deleted interest disallowance under Section 36(1)(iii) for AY 2013-14. Interest charging and penalty proceedings were not specifically adjudicated. en-us Thu, 22 Oct 2020 00:00:00 +0530 Wed, 28 Oct 2020 10:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400114 The Tribunal partly allowed all three appeals, directing re-computation and deletion of certain additions and disallowances. The reassessment proceedings were deemed valid, with specific tangible information justifying income escapement. The addition on account of bogus purchases was restricted to 2% of the aggregate purchase amount. Unsecured loans, interest, and commission additions were deleted due to the assessee proving the loans' genuineness. The Tribunal directed re-computation of disallowance under Section 14A and deleted interest disallowance under Section 36(1)(iii) for AY 2013-14. Interest charging and penalty proceedings were not specifically adjudicated. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400114