Tribunal Limits Disallowance to 6% on Questioned Purchases Due to Lack of Independent Investigation by Assessing Officer.

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....Estimation of income - Bogus purchases - The Tribunal considered similar cases and upheld the decision to restrict the disallowance to 6% of the impugned purchases. They noted that the AO had not conducted independent investigation and had not disputed the sales, while the books of accounts were not rejected. Considering the overall facts and circumstances, they deemed the 6% disallowance reasonable to prevent revenue leakage.....