https://www.taxtmi.com/caselaws?id=439548 The Tribunal dismissed the Revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s decision to limit the disallowance to 10% of the alleged bogus purchases, totaling Rs. 41,71,370/-. The Tribunal agreed with the CIT(A)'s reliance on judicial precedents that only the profit element in such transactions should be taxed. It noted the lack of cross-verification by the A.O. with the VAT Department and the absence of doubts regarding the sale of flats. The decision was pronounced on 23-06-2023. en-us Fri, 23 Jun 2023 00:00:00 +0530 Sat, 02 Dec 2023 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439548 The Tribunal dismissed the Revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s decision to limit the disallowance to 10% of the alleged bogus purchases, totaling Rs. 41,71,370/-. The Tribunal agreed with the CIT(A)'s reliance on judicial precedents that only the profit element in such transactions should be taxed. It noted the lack of cross-verification by the A.O. with the VAT Department and the absence of doubts regarding the sale of flats. The decision was pronounced on 23-06-2023. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439548