https://www.taxtmi.com/caselaws?id=307710 The ITAT partially allowed the assessee's appeal in a case concerning disallowance on account of bogus purchases. The ITAT set aside the matter to the assessing officer with directions to align the gross profit rate on bogus purchases with that of genuine purchases, following a High Court decision. This decision aimed to ensure a fair hearing opportunity for the assessee and limit the addition for bogus purchases, considering the nature of purchases made from the grey market. en-us Tue, 03 Sep 2019 00:00:00 +0530 Mon, 01 May 2023 21:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307710 The ITAT partially allowed the assessee's appeal in a case concerning disallowance on account of bogus purchases. The ITAT set aside the matter to the assessing officer with directions to align the gross profit rate on bogus purchases with that of genuine purchases, following a High Court decision. This decision aimed to ensure a fair hearing opportunity for the assessee and limit the addition for bogus purchases, considering the nature of purchases made from the grey market. Case-Laws Income Tax Tue, 03 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307710