https://www.taxtmi.com/caselaws?id=400550 The Tribunal upheld the additions made by the Assessing Officer based on alleged bogus purchases, restricting the addition to 2% of the purchases. The Tribunal found that the appellant failed to substantiate the transactions, leading to the upheld additions under various sections of the Income Tax Act. The Tribunal partially allowed the appeal, aligning with previous decisions in the appellant's case. The initiation of penalty proceedings was deemed premature by the Tribunal, resulting in the partial allowance of the overall appeal. en-us Wed, 04 Nov 2020 00:00:00 +0530 Tue, 10 Nov 2020 07:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400550 The Tribunal upheld the additions made by the Assessing Officer based on alleged bogus purchases, restricting the addition to 2% of the purchases. The Tribunal found that the appellant failed to substantiate the transactions, leading to the upheld additions under various sections of the Income Tax Act. The Tribunal partially allowed the appeal, aligning with previous decisions in the appellant's case. The initiation of penalty proceedings was deemed premature by the Tribunal, resulting in the partial allowance of the overall appeal. Case-Laws Income Tax Wed, 04 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400550