https://www.taxtmi.com/caselaws?id=756860 The Bombay HC upheld the tribunal's decision restricting addition under section 69C to 12.5% of bogus purchase transactions. The assessee failed to prove genuineness of purchase transactions, but the court found the CIT(A) incorrectly reduced gross profit from 12% to 4.74%. The HC emphasized that when transactions are found bogus, tax authorities must conduct thorough enquiries and make appropriate additions following established legal principles. The revenue's appeal was allowed, directing assessment at 12.5% on questionable purchases across relevant assessment years, which benefited the assessee compared to higher potential additions. en-us Wed, 07 Aug 2024 00:00:00 +0530 Mon, 09 Jun 2025 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756860 The Bombay HC upheld the tribunal's decision restricting addition under section 69C to 12.5% of bogus purchase transactions. The assessee failed to prove genuineness of purchase transactions, but the court found the CIT(A) incorrectly reduced gross profit from 12% to 4.74%. The HC emphasized that when transactions are found bogus, tax authorities must conduct thorough enquiries and make appropriate additions following established legal principles. The revenue's appeal was allowed, directing assessment at 12.5% on questionable purchases across relevant assessment years, which benefited the assessee compared to higher potential additions. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756860