https://www.taxtmi.com/caselaws?id=407883 The Appellate Tribunal partially allowed the appeal, reducing the profit element on alleged bogus purchases from 9% to 1% based on evidence provided by the assessee, considering gross profit ratios from previous years. The Tribunal upheld the disallowance of 10% on conveyance, telephone, and traveling expenses due to lack of concrete evidence refuting personal elements in these expenses. The Tribunal's decision was grounded in legal precedents and a comprehensive evaluation of the case facts and evidence presented. en-us Mon, 24 May 2021 00:00:00 +0530 Tue, 25 May 2021 08:38:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407883 The Appellate Tribunal partially allowed the appeal, reducing the profit element on alleged bogus purchases from 9% to 1% based on evidence provided by the assessee, considering gross profit ratios from previous years. The Tribunal upheld the disallowance of 10% on conveyance, telephone, and traveling expenses due to lack of concrete evidence refuting personal elements in these expenses. The Tribunal's decision was grounded in legal precedents and a comprehensive evaluation of the case facts and evidence presented. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407883