https://www.taxtmi.com/caselaws?id=409292 The Tribunal partially allowed the appeals for assessment years 2010-11 and 2011-12, restricting the disallowance on unproved purchases to 10% based on the appellant's declared Gross Profit. Emphasizing the need to prove the genuineness of purchases and dealers, the Tribunal considered the profit element in transactions involving alleged bogus purchases. The Tribunal upheld the validity of assessment and the charging of interest under sections 234B and 234C, deeming them mandatory and not subject to separate adjudication. en-us Tue, 22 Jun 2021 00:00:00 +0530 Mon, 05 Jul 2021 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409292 The Tribunal partially allowed the appeals for assessment years 2010-11 and 2011-12, restricting the disallowance on unproved purchases to 10% based on the appellant's declared Gross Profit. Emphasizing the need to prove the genuineness of purchases and dealers, the Tribunal considered the profit element in transactions involving alleged bogus purchases. The Tribunal upheld the validity of assessment and the charging of interest under sections 234B and 234C, deeming them mandatory and not subject to separate adjudication. Case-Laws Income Tax Tue, 22 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409292