https://www.taxtmi.com/caselaws?id=420487 The Tribunal partly allowed the assessee's appeal by reducing the addition to 12.5% of the alleged bogus purchases and dismissed the Revenue's appeal. The Tribunal also allowed the assessee's appeal against the penalty and dismissed the Revenue's appeal, holding that the penalty was not sustainable as the addition was based on estimation without any independent enquiry by the AO. en-us Thu, 17 Mar 2022 00:00:00 +0530 Mon, 04 Apr 2022 09:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420487 The Tribunal partly allowed the assessee's appeal by reducing the addition to 12.5% of the alleged bogus purchases and dismissed the Revenue's appeal. The Tribunal also allowed the assessee's appeal against the penalty and dismissed the Revenue's appeal, holding that the penalty was not sustainable as the addition was based on estimation without any independent enquiry by the AO. Case-Laws Income Tax Thu, 17 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420487