https://www.taxtmi.com/caselaws?id=418613 The Tribunal partially allowed the appeal by the assessee, directing the Assessing Officer to limit the purchase disallowance to 8% on both disputed purchases. The Tribunal emphasized that only the profit element embedded in transactions should be taxed, not the entire amount, considering the low profit margin due to market competition and lack of verification of the profit element. The Assessing Officer's disallowance of all cash purchases below a certain amount as bogus purchases was overturned, with the Tribunal finding no rejection of books of account or dispute of the purchases. en-us Tue, 08 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418613 The Tribunal partially allowed the appeal by the assessee, directing the Assessing Officer to limit the purchase disallowance to 8% on both disputed purchases. The Tribunal emphasized that only the profit element embedded in transactions should be taxed, not the entire amount, considering the low profit margin due to market competition and lack of verification of the profit element. The Assessing Officer's disallowance of all cash purchases below a certain amount as bogus purchases was overturned, with the Tribunal finding no rejection of books of account or dispute of the purchases. Case-Laws Income Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418613