https://www.taxtmi.com/caselaws?id=403351 The Tribunal condoned the 104-day delay in filing the appeal due to the company's liquidation and the Director's absence, admitting the appeal for adjudication. Regarding the disallowance of alleged bogus purchases, the AO disallowed 100% of the value, but the CIT(A) recognized material consumption for business purposes and estimated suppressed profit at 32.07%. The Tribunal directed the AO to limit the disallowance to 12.5% of the disputed purchases, granting partial relief to the assessee. The appeal was partly allowed, considering legal precedents and principles in similar cases. en-us Fri, 18 Dec 2020 00:00:00 +0530 Wed, 27 Jan 2021 10:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403351 The Tribunal condoned the 104-day delay in filing the appeal due to the company's liquidation and the Director's absence, admitting the appeal for adjudication. Regarding the disallowance of alleged bogus purchases, the AO disallowed 100% of the value, but the CIT(A) recognized material consumption for business purposes and estimated suppressed profit at 32.07%. The Tribunal directed the AO to limit the disallowance to 12.5% of the disputed purchases, granting partial relief to the assessee. The appeal was partly allowed, considering legal precedents and principles in similar cases. Case-Laws Income Tax Fri, 18 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403351