https://www.taxtmi.com/caselaws?id=440767 The Tribunal partly allowed the appeal of the appellant, modifying the estimated addition on account of bogus purchases by reducing the estimated G.P. on bogus purchases to 7.5% and directing the exclusion of the cost of machinery. The Tribunal dismissed the grounds related to the levy of interest under sections 234A, 234B, and 234C of the Act, as well as the challenge against the initiation of penalty proceedings under section 271(1)(c) of the Act, deeming it premature. en-us Fri, 23 Jun 2023 00:00:00 +0530 Wed, 26 Jul 2023 08:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440767 The Tribunal partly allowed the appeal of the appellant, modifying the estimated addition on account of bogus purchases by reducing the estimated G.P. on bogus purchases to 7.5% and directing the exclusion of the cost of machinery. The Tribunal dismissed the grounds related to the levy of interest under sections 234A, 234B, and 234C of the Act, as well as the challenge against the initiation of penalty proceedings under section 271(1)(c) of the Act, deeming it premature. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440767