https://www.taxtmi.com/caselaws?id=760877 The Tribunal allowed the assessee's appeal, overturning the Ld CIT(A)'s decision to uphold the addition of gross profit on alleged bogus purchases. The Tribunal found that the assessee provided sufficient documentation, including purchase bills and payments via Account Payee cheques, with no evidence of funds being cycled back. Consequently, the Tribunal directed the AO to delete the addition, aligning with a similar precedent set by the Hon'ble Supreme Court. en-us Mon, 21 Oct 2024 00:00:00 +0530 Tue, 29 Oct 2024 09:00:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760877 The Tribunal allowed the assessee's appeal, overturning the Ld CIT(A)'s decision to uphold the addition of gross profit on alleged bogus purchases. The Tribunal found that the assessee provided sufficient documentation, including purchase bills and payments via Account Payee cheques, with no evidence of funds being cycled back. Consequently, the Tribunal directed the AO to delete the addition, aligning with a similar precedent set by the Hon'ble Supreme Court. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760877