https://www.taxtmi.com/caselaws?id=428379 The Court upheld the Tribunal's decision to limit the addition for alleged bogus purchases to 5% of the total amount. It found that there was insufficient concrete evidence to support the Assessing Officer's initial addition of the entire amount as bogus. The Court distinguished the case from precedent where the entire transaction was deemed bogus, emphasizing the lack of substantial material in the present case. Consequently, the appeal challenging the restriction of the addition to 5% was dismissed, affirming the decisions of the CIT(Appeals) and the Tribunal. en-us Mon, 29 Aug 2022 00:00:00 +0530 Mon, 25 Sep 2023 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428379 The Court upheld the Tribunal's decision to limit the addition for alleged bogus purchases to 5% of the total amount. It found that there was insufficient concrete evidence to support the Assessing Officer's initial addition of the entire amount as bogus. The Court distinguished the case from precedent where the entire transaction was deemed bogus, emphasizing the lack of substantial material in the present case. Consequently, the appeal challenging the restriction of the addition to 5% was dismissed, affirming the decisions of the CIT(Appeals) and the Tribunal. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428379