https://www.taxtmi.com/caselaws?id=308697 The Tribunal dismissed all appeals by the Revenue, upholding the CIT(A)'s decision to restrict the addition on account of bogus purchases to 12.5% of the total amounts involved. The Tribunal found that the appellant had paid for the purchases through cheques, maintained stock records, and used the materials in its business activities. It was determined that applying a profit rate on the bogus purchases was appropriate, as there was insufficient evidence to prove that the purchases were entirely fictitious or non-existent. en-us Mon, 01 May 2017 00:00:00 +0530 Thu, 13 Jul 2023 21:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308697 The Tribunal dismissed all appeals by the Revenue, upholding the CIT(A)'s decision to restrict the addition on account of bogus purchases to 12.5% of the total amounts involved. The Tribunal found that the appellant had paid for the purchases through cheques, maintained stock records, and used the materials in its business activities. It was determined that applying a profit rate on the bogus purchases was appropriate, as there was insufficient evidence to prove that the purchases were entirely fictitious or non-existent. Case-Laws Income Tax Mon, 01 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308697