https://www.taxtmi.com/caselaws?id=445056 The Tribunal upheld the decision of the Ld. CIT(A) concerning the disallowance percentage on alleged bogus purchases for the Assessment Year 2010-11. The Ld. CIT(A) reduced the disallowance rate from 12.5% to 4.5% of the purchases amounting to Rs. 32,77,579, which the Tribunal found to be well-reasoned and supported by precedent cases. Consequently, the appeal filed by the Assessee was dismissed, maintaining the revised disallowance rate. The decision was announced in open court on 27th October 2023. en-us Fri, 27 Oct 2023 00:00:00 +0530 Sat, 28 Oct 2023 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445056 The Tribunal upheld the decision of the Ld. CIT(A) concerning the disallowance percentage on alleged bogus purchases for the Assessment Year 2010-11. The Ld. CIT(A) reduced the disallowance rate from 12.5% to 4.5% of the purchases amounting to Rs. 32,77,579, which the Tribunal found to be well-reasoned and supported by precedent cases. Consequently, the appeal filed by the Assessee was dismissed, maintaining the revised disallowance rate. The decision was announced in open court on 27th October 2023. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445056