https://www.taxtmi.com/caselaws?id=403015 The Revenue's appeal against the disallowance of non-genuine purchases was partially allowed by the Tribunal, restricting the disallowance to 5% of the Gross Profit. Despite the assessee's evidence of genuine purchases, the AO had added 100% of alleged bogus purchases to the total income. The Commissioner limited the disallowance to 12.5% of the bogus purchases, considering the Gross Profit percentage. The Tribunal, emphasizing procedural compliance, partly allowed the Revenue's appeal, aligning with the jurisdictional High Court's precedent of limiting disallowances to 5% of Gross Profit. en-us Mon, 04 Jan 2021 00:00:00 +0530 Mon, 18 Jan 2021 13:11:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403015 The Revenue's appeal against the disallowance of non-genuine purchases was partially allowed by the Tribunal, restricting the disallowance to 5% of the Gross Profit. Despite the assessee's evidence of genuine purchases, the AO had added 100% of alleged bogus purchases to the total income. The Commissioner limited the disallowance to 12.5% of the bogus purchases, considering the Gross Profit percentage. The Tribunal, emphasizing procedural compliance, partly allowed the Revenue's appeal, aligning with the jurisdictional High Court's precedent of limiting disallowances to 5% of Gross Profit. Case-Laws Income Tax Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403015