The bench upheld the 25% disallowance but reduced the GP rate from 25% to 20%
The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld a 20% addition on alleged bogus purchases due to unverified sellers. The tribunal reduced the original 25% disallowance, agreeing that the assessee failed to prove the genuineness of the transactions, and confirmed penalty proceedings. K L Tambi & Company, the appellant-assessee, had received…
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