https://www.taxtmi.com/caselaws?id=267607 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete additions made under Sections 69C and 41(1) of the IT Act related to alleged bogus purchases and creditors. The CIT(A) found discrepancies in the AO's reasoning and granted relief to the assessee, directing the estimation of net profit at 5% of turnover based on preceding years' rates. The Tribunal affirmed the CIT(A)'s decision, emphasizing proper discretion in the assessment process. en-us Fri, 28 Aug 2015 00:00:00 +0530 Mon, 09 Nov 2015 21:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267607 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete additions made under Sections 69C and 41(1) of the IT Act related to alleged bogus purchases and creditors. The CIT(A) found discrepancies in the AO's reasoning and granted relief to the assessee, directing the estimation of net profit at 5% of turnover based on preceding years' rates. The Tribunal affirmed the CIT(A)'s decision, emphasizing proper discretion in the assessment process. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267607