https://www.taxtmi.com/caselaws?id=293978 The appeals by both the Revenue and the assessee were heard regarding the disallowance of bogus purchases for assessment years 2008-09 and 2011-12. The CIT(A)'s decision to restrict the disallowance to 2% instead of the initial 3% was upheld due to the legitimate nature of the assessee's diamond manufacturing and export business. The Revenue's appeals were dismissed based on the tax effect falling below the threshold set by CBDT Circular No. 3/2018. The assessee's appeals were partially allowed, resulting in a modified order reducing the addition to 2% of the bogus purchases. en-us Mon, 13 Aug 2018 00:00:00 +0530 Mon, 19 Jul 2021 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293978 The appeals by both the Revenue and the assessee were heard regarding the disallowance of bogus purchases for assessment years 2008-09 and 2011-12. The CIT(A)'s decision to restrict the disallowance to 2% instead of the initial 3% was upheld due to the legitimate nature of the assessee's diamond manufacturing and export business. The Revenue's appeals were dismissed based on the tax effect falling below the threshold set by CBDT Circular No. 3/2018. The assessee's appeals were partially allowed, resulting in a modified order reducing the addition to 2% of the bogus purchases. Case-Laws Income Tax Mon, 13 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293978