https://www.taxtmi.com/caselaws?id=439854 The Tribunal condoned the delay in the appeal, upheld the re-opening of the assessment based on substantial information, and restored the AO's addition of 12.5% of unproved purchases. The Tribunal emphasized that only the profit element in bogus purchases should be taxed, setting aside the CIT(A)'s decision to tax 100% of such purchases. The penalty issue was not explicitly addressed in the judgment. The appeal was partly allowed in favor of the assessee. en-us Wed, 31 May 2023 00:00:00 +0530 Tue, 04 Jul 2023 08:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439854 The Tribunal condoned the delay in the appeal, upheld the re-opening of the assessment based on substantial information, and restored the AO's addition of 12.5% of unproved purchases. The Tribunal emphasized that only the profit element in bogus purchases should be taxed, setting aside the CIT(A)'s decision to tax 100% of such purchases. The penalty issue was not explicitly addressed in the judgment. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439854