https://www.taxtmi.com/forum/issue?id=108208 The taxpayer faces an assessing officer's demand to concede an alleged bogus purchase by accepting a deemed profit (stated as 12.5%) and paying tax, interest and penalty on that profit, or else risk a full disallowance via a 100% addition and assessment of the entire purchase value; the taxpayer requests guidance on whether to accept the deemed-profit adjustment or contest the addition. en-us Sat, 07 Mar 2015 09:18:53 +0530 Thu, 23 Jan 2025 15:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108208 The taxpayer faces an assessing officer's demand to concede an alleged bogus purchase by accepting a deemed profit (stated as 12.5%) and paying tax, interest and penalty on that profit, or else risk a full disallowance via a 100% addition and assessment of the entire purchase value; the taxpayer requests guidance on whether to accept the deemed-profit adjustment or contest the addition. Discussion-Forum Income Tax Sat, 07 Mar 2015 09:18:53 +0530 https://www.taxtmi.com/forum/issue?id=108208