https://www.taxtmi.com/caselaws?id=753496 The ITAT allowed the assessee's appeal, restricting the addition to 12.5% of the alleged bogus purchases or the profit voluntarily declared by the assessee, whichever is higher. This decision adhered to the settled law that only the profit element of such purchases should be added, aligning with the Revenue's previous approach. en-us Fri, 31 May 2024 00:00:00 +0530 Tue, 04 Jun 2024 08:04:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753496 The ITAT allowed the assessee's appeal, restricting the addition to 12.5% of the alleged bogus purchases or the profit voluntarily declared by the assessee, whichever is higher. This decision adhered to the settled law that only the profit element of such purchases should be added, aligning with the Revenue's previous approach. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753496