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ITAT upheld the CIT(A)'s approach that only the profit element embedded in alleged bogus purchases of yarn and cloth is exigible to tax, not the entire supplier payments. The Tribunal found the estimation of the taxable profit at 12.5% of purchases to be fair and reasonable and refused any further addition. With respect to alleged on-money paid on acquisition of immovable property, the Tribunal rejected the Revenue's reliance on a retracted survey admission under s.133A, holding such survey statements lack conclusive evidentiary value absent corroborative material; no independent evidence was produced, so the addition based solely on the survey admission was dismissed.
ITAT upheld the CIT(A)'s approach that only the profit element embedded in alleged bogus purchases of yarn and cloth is exigible to tax, not the entire supplier payments. The Tribunal found the estimation of the taxable profit at 12.5% of purchases to be fair and reasonable and refused any further addition. With respect to alleged on-money paid on acquisition of immovable property, the Tribunal rejected the Revenue's reliance on a retracted survey admission under s.133A, holding such survey statements lack conclusive evidentiary value absent corroborative material; no independent evidence was produced, so the addition based solely on the survey admission was dismissed.
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