https://www.taxtmi.com/caselaws?id=413997 The Tribunal partially allowed the appeal, reducing the addition of Rs. 3,50,000 on account of Bogus Purchase to a token disallowance of Rs. 20,000. The decision emphasized the need to consider the income component in transactions rather than disallowing the entire amount, taking into account the assessee's turnover, profit margins, and the proportion of disputed purchases to total transactions. The Tribunal found that the lower authorities had not adequately evaluated the documentary evidence provided by the assessee and had relied solely on the Investigation Wing's report. en-us Tue, 05 Oct 2021 00:00:00 +0530 Thu, 30 Dec 2021 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413997 The Tribunal partially allowed the appeal, reducing the addition of Rs. 3,50,000 on account of Bogus Purchase to a token disallowance of Rs. 20,000. The decision emphasized the need to consider the income component in transactions rather than disallowing the entire amount, taking into account the assessee's turnover, profit margins, and the proportion of disputed purchases to total transactions. The Tribunal found that the lower authorities had not adequately evaluated the documentary evidence provided by the assessee and had relied solely on the Investigation Wing's report. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413997