https://www.taxtmi.com/caselaws?id=405236 The Tribunal dismissed both cross appeals challenging the reduction of bogus purchases from 12.5% to 2% and the sustainance of a 2% addition on the bogus purchases for Assessment Years 2013-14 and 2014-15. The Revenue's appeal was rejected due to the tax effect falling below the appeal-filing limit set by the CBDT. The assessee's appeal was also dismissed as the Tribunal upheld the CIT(A)'s decision to restrict the addition to 2% based on insufficient evidence provided to prove the legitimacy of the transactions. The judgment underscored the importance of robust evidence and compliance with tax laws in assessment proceedings. en-us Fri, 12 Mar 2021 00:00:00 +0530 Sat, 13 Mar 2021 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405236 The Tribunal dismissed both cross appeals challenging the reduction of bogus purchases from 12.5% to 2% and the sustainance of a 2% addition on the bogus purchases for Assessment Years 2013-14 and 2014-15. The Revenue's appeal was rejected due to the tax effect falling below the appeal-filing limit set by the CBDT. The assessee's appeal was also dismissed as the Tribunal upheld the CIT(A)'s decision to restrict the addition to 2% based on insufficient evidence provided to prove the legitimacy of the transactions. The judgment underscored the importance of robust evidence and compliance with tax laws in assessment proceedings. Case-Laws Income Tax Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405236