https://www.taxtmi.com/caselaws?id=448440 The ITAT PUNE ruled on bogus purchases where the assessee failed to provide supplier confirmations and assessment notices could not be served. The tribunal determined that once bogus purchases attain finality, they cannot be treated equally with verified purchases. Based on case law precedents showing disallowance margins of 5-12% for such transactions, the tribunal imposed a uniform 6% lump sum disallowance across three assessment years. The decision was made considering the peculiar facts of the case, with the tribunal specifically noting this should not be treated as precedent for future cases. en-us Mon, 13 Nov 2023 00:00:00 +0530 Fri, 19 Jan 2024 08:48:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448440 The ITAT PUNE ruled on bogus purchases where the assessee failed to provide supplier confirmations and assessment notices could not be served. The tribunal determined that once bogus purchases attain finality, they cannot be treated equally with verified purchases. Based on case law precedents showing disallowance margins of 5-12% for such transactions, the tribunal imposed a uniform 6% lump sum disallowance across three assessment years. The decision was made considering the peculiar facts of the case, with the tribunal specifically noting this should not be treated as precedent for future cases. Case-Laws Income Tax Mon, 13 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448440