https://www.taxtmi.com/caselaws?id=433753 The appeal involved cross-appeals by the assessee and the revenue against the CIT(A) order arising from the AO's assessment for the year 2014-15. The AO disallowed 25% of alleged bogus purchases, adding to the assessee's income. The CIT(A) reduced this to 2.90%, resulting in a Rs.23,09,619 addition. Disallowance of certain expenses was dismissed, focusing on quantifying profit from bogus purchases. The revenue contested the applicability of judicial pronouncements favoring the assessee. The dispute centered on the authenticity of purchase transactions and determining the profit from discounted goods. en-us Mon, 06 Feb 2023 00:00:00 +0530 Tue, 07 Feb 2023 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433753 The appeal involved cross-appeals by the assessee and the revenue against the CIT(A) order arising from the AO's assessment for the year 2014-15. The AO disallowed 25% of alleged bogus purchases, adding to the assessee's income. The CIT(A) reduced this to 2.90%, resulting in a Rs.23,09,619 addition. Disallowance of certain expenses was dismissed, focusing on quantifying profit from bogus purchases. The revenue contested the applicability of judicial pronouncements favoring the assessee. The dispute centered on the authenticity of purchase transactions and determining the profit from discounted goods. Case-Laws Income Tax Mon, 06 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433753