https://www.taxtmi.com/caselaws?id=753393 The HC upheld ITAT's decision to restrict the disallowance to 12.5% of purchases for AY 2006-07 to 2009-10, affirming that the Assessee's evidence, including ledger copies and payment proofs, justified the reduction. The AO's reliance on Sales Tax Department information without further investigation was insufficient. The Appeals were dismissed, validating ITAT's approach to assessing the profit element in alleged bogus purchases. en-us Wed, 03 Apr 2024 00:00:00 +0530 Fri, 31 May 2024 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753393 The HC upheld ITAT's decision to restrict the disallowance to 12.5% of purchases for AY 2006-07 to 2009-10, affirming that the Assessee's evidence, including ledger copies and payment proofs, justified the reduction. The AO's reliance on Sales Tax Department information without further investigation was insufficient. The Appeals were dismissed, validating ITAT's approach to assessing the profit element in alleged bogus purchases. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753393