https://www.taxtmi.com/caselaws?id=295978 The ITAT upheld the CIT(A)'s decision to restrict the addition of bogus purchases to 10% of the total amount for the assessment year 2009-2010. The ITAT emphasized the evidence presented and applied legal principles, citing relevant High Court judgments. The decision aligned with precedents from the Hon'ble Bombay and Gujarat High Courts, stating that only the profit element from such purchases should be added to the assessee's income. As a result, the ITAT dismissed the revenue's appeal and instructed the AO to calculate the addition accordingly. en-us Fri, 29 Sep 2017 00:00:00 +0530 Tue, 29 Jun 2021 09:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295978 The ITAT upheld the CIT(A)'s decision to restrict the addition of bogus purchases to 10% of the total amount for the assessment year 2009-2010. The ITAT emphasized the evidence presented and applied legal principles, citing relevant High Court judgments. The decision aligned with precedents from the Hon'ble Bombay and Gujarat High Courts, stating that only the profit element from such purchases should be added to the assessee's income. As a result, the ITAT dismissed the revenue's appeal and instructed the AO to calculate the addition accordingly. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295978