https://www.taxtmi.com/caselaws?id=412951 The Appellate Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to limit the addition on account of bogus purchases to 12.5% of the purchase value for the assessment year 2010-11. The Tribunal upheld the CIT(A)'s reasoning that sales could not have occurred without corresponding purchases and that the purchases were made from the open/grey market at a discounted rate. Despite the lack of conclusive evidence, the Tribunal found the profit element embedded in the discounted purchases justified the restricted addition. en-us Wed, 07 Apr 2021 00:00:00 +0530 Fri, 01 Oct 2021 08:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412951 The Appellate Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to limit the addition on account of bogus purchases to 12.5% of the purchase value for the assessment year 2010-11. The Tribunal upheld the CIT(A)'s reasoning that sales could not have occurred without corresponding purchases and that the purchases were made from the open/grey market at a discounted rate. Despite the lack of conclusive evidence, the Tribunal found the profit element embedded in the discounted purchases justified the restricted addition. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412951