https://www.taxtmi.com/caselaws?id=271101 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 74,01,988/- for inflated and bogus purchases. The Tribunal found the purchases genuine and essential for the contract work, supported by thorough verification by MCGM. The net profit rate was deemed reasonable, aligning with industry standards. The Tribunal's ruling was influenced by the Settlement Commission's stance in similar cases, ultimately upholding the deletion of the disputed amount. en-us Wed, 04 Nov 2015 00:00:00 +0530 Wed, 27 Jan 2016 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271101 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 74,01,988/- for inflated and bogus purchases. The Tribunal found the purchases genuine and essential for the contract work, supported by thorough verification by MCGM. The net profit rate was deemed reasonable, aligning with industry standards. The Tribunal's ruling was influenced by the Settlement Commission's stance in similar cases, ultimately upholding the deletion of the disputed amount. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271101