https://www.taxtmi.com/caselaws?id=412420 The ITAT ruled in favor of the assessee on both issues. Regarding the enhancement of addition of bogus purchases by CIT(A) to 100%, the ITAT held that only the profit element of bogus purchases can be taxed, not the entire amount, setting aside the CIT(A)'s decision. Concerning the disallowance of cash payments exceeding the limit under section 40A(3) by AO and CIT(A), the ITAT found the disallowance unwarranted due to business emergencies and practical difficulties, directing the AO to delete the disallowance partially, thereby partially allowing the assessee's appeal. en-us Tue, 14 Sep 2021 00:00:00 +0530 Fri, 17 Sep 2021 09:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412420 The ITAT ruled in favor of the assessee on both issues. Regarding the enhancement of addition of bogus purchases by CIT(A) to 100%, the ITAT held that only the profit element of bogus purchases can be taxed, not the entire amount, setting aside the CIT(A)'s decision. Concerning the disallowance of cash payments exceeding the limit under section 40A(3) by AO and CIT(A), the ITAT found the disallowance unwarranted due to business emergencies and practical difficulties, directing the AO to delete the disallowance partially, thereby partially allowing the assessee's appeal. Case-Laws Income Tax Tue, 14 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412420