https://www.taxtmi.com/caselaws?id=429953 The Tribunal allowed the appeals filed by the assessee concerning the disallowance of alleged bogus purchases for Assessment Years 2009-10 and 2010-11. The Tribunal directed the Assessing Officer to charge gross profit at 9% on the alleged bogus purchases for both years, emphasizing the need for concrete evidence to substantiate allegations of bogus purchases. The Tribunal considered the genuineness of purchases and sales, highlighting that gross profit additions should be reasonable and supported by evidence, particularly when sales are deemed genuine. en-us Wed, 02 Nov 2022 00:00:00 +0530 Tue, 08 Nov 2022 09:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429953 The Tribunal allowed the appeals filed by the assessee concerning the disallowance of alleged bogus purchases for Assessment Years 2009-10 and 2010-11. The Tribunal directed the Assessing Officer to charge gross profit at 9% on the alleged bogus purchases for both years, emphasizing the need for concrete evidence to substantiate allegations of bogus purchases. The Tribunal considered the genuineness of purchases and sales, highlighting that gross profit additions should be reasonable and supported by evidence, particularly when sales are deemed genuine. Case-Laws Income Tax Wed, 02 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429953