https://www.taxtmi.com/caselaws?id=261567 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the disallowance of Rs. 2,89,34,711/- for alleged bogus purchases, and vacating the rejection of books of accounts and the estimation of gross profit at 27%. The Tribunal found the evidence provided by the assessee sufficient to support the purchases and noted the impracticality of a high gross profit rate. The decision confirmed the reliability of the books of accounts and justified the declared gross profit rate of 16%. en-us Wed, 08 Jul 2015 00:00:00 +0530 Thu, 16 Jul 2015 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261567 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the disallowance of Rs. 2,89,34,711/- for alleged bogus purchases, and vacating the rejection of books of accounts and the estimation of gross profit at 27%. The Tribunal found the evidence provided by the assessee sufficient to support the purchases and noted the impracticality of a high gross profit rate. The decision confirmed the reliability of the books of accounts and justified the declared gross profit rate of 16%. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261567