Tax Tribunal Increases Disallowance on Bogus Purchases from 0.50% to 6% Following CIT(A) Relief Adjustment.

Estimation of income - bogus purchases - The CIT(A) upheld the validity of reopening and granted substantial relief to the assessee by restricting the addition to 0.50% of the impugned purchases. - The Tribunal modified the order of the CIT(A) and directed the Assessing Officer to restrict the disallowance of purchases to 6% of the aggregate purchase amount. .....

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