https://www.taxtmi.com/caselaws?id=234718 The Tribunal upheld the CIT(A)'s decision to estimate net profit at 0.5% on turnover due to circular transactions aimed at creating a healthy balance sheet, dismissing both the assessee's and revenue's appeals. The CIT(A) found no basis for disallowing 25% of total purchases, confirming the order. The Tribunal supported the CIT(A)'s approach, dismissing the revenue's appeal regarding admission of circular transactions without a remand report. The appeals were dismissed, affirming the CIT(A)'s order on 10-05-2013. en-us Fri, 10 May 2013 00:00:00 +0530 Tue, 25 Jun 2013 20:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234718 The Tribunal upheld the CIT(A)'s decision to estimate net profit at 0.5% on turnover due to circular transactions aimed at creating a healthy balance sheet, dismissing both the assessee's and revenue's appeals. The CIT(A) found no basis for disallowing 25% of total purchases, confirming the order. The Tribunal supported the CIT(A)'s approach, dismissing the revenue's appeal regarding admission of circular transactions without a remand report. The appeals were dismissed, affirming the CIT(A)'s order on 10-05-2013. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234718