https://www.taxtmi.com/caselaws?id=428615 The High Court upheld the Tribunal's decision in a tax case concerning alleged bogus purchases, affirming that only the profit element should be treated as income. The Court considered precedents from the Supreme Court and a High Court, emphasizing the need for proper verification of materials sourced. The appellant's appeal challenging the limitation of disallowance to 12.5% was dismissed, with the Court finding no substantial legal questions. The Respondent's cross objections were disposed of accordingly. en-us Mon, 03 Oct 2022 00:00:00 +0530 Mon, 11 May 2026 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428615 The High Court upheld the Tribunal's decision in a tax case concerning alleged bogus purchases, affirming that only the profit element should be treated as income. The Court considered precedents from the Supreme Court and a High Court, emphasizing the need for proper verification of materials sourced. The appellant's appeal challenging the limitation of disallowance to 12.5% was dismissed, with the Court finding no substantial legal questions. The Respondent's cross objections were disposed of accordingly. Case-Laws Income Tax Mon, 03 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428615