https://www.taxtmi.com/caselaws?id=756785 The Tribunal dismissed the Revenue's appeal, upholding the Addl./Joint CIT(A)'s decision to restrict disallowance on bogus purchases to 12.5% of the declared gross profit rate for the assessment year 2009-10. The Tribunal cited precedent from the assessee's previous case, affirming that if the gross profit rate exceeded 12.5%, no disallowance was warranted. The decision emphasized adherence to established legal principles and the significance of the declared gross profit rate in determining disallowance extent. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756785 The Tribunal dismissed the Revenue's appeal, upholding the Addl./Joint CIT(A)'s decision to restrict disallowance on bogus purchases to 12.5% of the declared gross profit rate for the assessment year 2009-10. The Tribunal cited precedent from the assessee's previous case, affirming that if the gross profit rate exceeded 12.5%, no disallowance was warranted. The decision emphasized adherence to established legal principles and the significance of the declared gross profit rate in determining disallowance extent. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756785