https://www.taxtmi.com/caselaws?id=293732 The Tribunal partially allowed the appeal, reducing the disallowance on account of bogus purchases from 25% to 12.5% of the claimed amount. The appellant failed to sufficiently prove the legitimacy of the purchases, leading to the disallowance under section 69C of the Act. The Tribunal considered the detrimental impact of grey market purchases on tax revenues and aimed to deter such practices by limiting the disallowance percentage. The decision was based on the evidence presented and legal precedents, emphasizing the importance of tax compliance and revenue protection. en-us Fri, 01 Sep 2017 00:00:00 +0530 Sat, 27 Feb 2021 11:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293732 The Tribunal partially allowed the appeal, reducing the disallowance on account of bogus purchases from 25% to 12.5% of the claimed amount. The appellant failed to sufficiently prove the legitimacy of the purchases, leading to the disallowance under section 69C of the Act. The Tribunal considered the detrimental impact of grey market purchases on tax revenues and aimed to deter such practices by limiting the disallowance percentage. The decision was based on the evidence presented and legal precedents, emphasizing the importance of tax compliance and revenue protection. Case-Laws Income Tax Fri, 01 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293732