https://www.taxtmi.com/caselaws?id=406217 The appeal, involving delay condonation, disallowance of alleged bogus purchases, and lack of supporting evidence, resulted in the Tribunal partially allowing the appeal. The Tribunal directed the assessing officer to restrict the addition on bogus purchases by aligning the gross profit rate with genuine purchases, emphasizing the appellant's right to a fair hearing. The judgment clarified treatment of bogus purchases, distinguishing grey market purchases, and highlighted the importance of documentary evidence and judicial precedents in determining the tax liability. en-us Mon, 01 Mar 2021 00:00:00 +0530 Fri, 09 Apr 2021 07:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406217 The appeal, involving delay condonation, disallowance of alleged bogus purchases, and lack of supporting evidence, resulted in the Tribunal partially allowing the appeal. The Tribunal directed the assessing officer to restrict the addition on bogus purchases by aligning the gross profit rate with genuine purchases, emphasizing the appellant's right to a fair hearing. The judgment clarified treatment of bogus purchases, distinguishing grey market purchases, and highlighted the importance of documentary evidence and judicial precedents in determining the tax liability. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406217