https://www.taxtmi.com/caselaws?id=303607 The Tribunal upheld a 12.5% disallowance on alleged bogus purchases due to the appellant's failure to substantiate purchase claims, citing the importance of documentary evidence. The decision, in line with legal precedents, emphasized that when sales are not in question, a complete disallowance for bogus purchases may not be warranted. The Tribunal also considered the tax implications of purchases from the grey market. The appeal was dismissed on 25th March 2022, aligning with the CIT(A)'s decision and legal principles discussed during the proceedings. en-us Fri, 25 Mar 2022 00:00:00 +0530 Mon, 01 Aug 2022 09:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303607 The Tribunal upheld a 12.5% disallowance on alleged bogus purchases due to the appellant's failure to substantiate purchase claims, citing the importance of documentary evidence. The decision, in line with legal precedents, emphasized that when sales are not in question, a complete disallowance for bogus purchases may not be warranted. The Tribunal also considered the tax implications of purchases from the grey market. The appeal was dismissed on 25th March 2022, aligning with the CIT(A)'s decision and legal principles discussed during the proceedings. Case-Laws Income Tax Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303607