https://www.taxtmi.com/caselaws?id=433071 The Appellate Tribunal ruled in favor of the appellant, overturning the disallowance of alleged bogus purchases for A.Y. 2011-12. The Tribunal held that since the expenses were already reflected in the work in progress (WIP) and not claimed as revenue expenses, no addition was justified. The disallowance was deemed to only reduce the WIP, impacting the project's profit margin. The Tribunal found the CIT(A)'s decision unjustified and allowed the appellant's appeal based on the evidence presented and legal precedents cited. en-us Wed, 30 Nov 2022 00:00:00 +0530 Fri, 20 Jan 2023 09:15:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433071 The Appellate Tribunal ruled in favor of the appellant, overturning the disallowance of alleged bogus purchases for A.Y. 2011-12. The Tribunal held that since the expenses were already reflected in the work in progress (WIP) and not claimed as revenue expenses, no addition was justified. The disallowance was deemed to only reduce the WIP, impacting the project's profit margin. The Tribunal found the CIT(A)'s decision unjustified and allowed the appellant's appeal based on the evidence presented and legal precedents cited. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433071