https://www.taxtmi.com/caselaws?id=419255 The Tribunal consolidated cross appeals regarding disallowance on account of bogus purchases under the Income Tax Act, 1961. The Assessing Officer initially added 100% of purchase value, later reduced to 3% by the Commissioner. The Tribunal remanded the case to the AO for fresh adjudication, allowing the assessee to submit additional evidence. Ultimately, both appeals were allowed for statistical purposes, emphasizing the importance of thorough verification and independent assessment by tax authorities in cases involving disputed purchases. en-us Wed, 23 Feb 2022 00:00:00 +0530 Sat, 05 Mar 2022 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419255 The Tribunal consolidated cross appeals regarding disallowance on account of bogus purchases under the Income Tax Act, 1961. The Assessing Officer initially added 100% of purchase value, later reduced to 3% by the Commissioner. The Tribunal remanded the case to the AO for fresh adjudication, allowing the assessee to submit additional evidence. Ultimately, both appeals were allowed for statistical purposes, emphasizing the importance of thorough verification and independent assessment by tax authorities in cases involving disputed purchases. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419255