https://www.taxtmi.com/caselaws?id=429559 The Court upheld the decision of the CIT(Appeals) and Tribunal to restrict the addition for alleged bogus purchases to 10% of the total amount. The Court emphasized the lack of concrete evidence provided by the Revenue to support the full addition, leading to the restriction. The Court distinguished the present case from the precedent cited by the appellant, highlighting the insufficient material for the Assessing Officer to deem the purchases entirely bogus. Consequently, the Court dismissed the appeal, finding no error in the lower courts' decisions. en-us Tue, 05 Jul 2022 00:00:00 +0530 Mon, 31 Oct 2022 08:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429559 The Court upheld the decision of the CIT(Appeals) and Tribunal to restrict the addition for alleged bogus purchases to 10% of the total amount. The Court emphasized the lack of concrete evidence provided by the Revenue to support the full addition, leading to the restriction. The Court distinguished the present case from the precedent cited by the appellant, highlighting the insufficient material for the Assessing Officer to deem the purchases entirely bogus. Consequently, the Court dismissed the appeal, finding no error in the lower courts' decisions. Case-Laws Income Tax Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429559