https://www.taxtmi.com/caselaws?id=405457 The appeal filed by the assessee against the Commissioner of Income Tax (Appeals) regarding alleged bogus purchases in the assessment year 2009-10 under sections 143(3) and 147 of the Income Tax Act, 1961 was dismissed. The addition of Rs. 12,95,807 on alleged bogus purchases was confirmed due to lack of evidence and failure to produce vendors. Additionally, the plea for withdrawing penalty proceedings under section 271(1)(c) was also dismissed, with the Tribunal reducing the estimated profit margin to 6% resulting in a revised addition of Rs. 6,21,990. en-us Fri, 19 Mar 2021 00:00:00 +0530 Sat, 20 Mar 2021 08:47:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405457 The appeal filed by the assessee against the Commissioner of Income Tax (Appeals) regarding alleged bogus purchases in the assessment year 2009-10 under sections 143(3) and 147 of the Income Tax Act, 1961 was dismissed. The addition of Rs. 12,95,807 on alleged bogus purchases was confirmed due to lack of evidence and failure to produce vendors. Additionally, the plea for withdrawing penalty proceedings under section 271(1)(c) was also dismissed, with the Tribunal reducing the estimated profit margin to 6% resulting in a revised addition of Rs. 6,21,990. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405457