https://www.taxtmi.com/caselaws?id=183561 The Tribunal allowed the appeal, quashing the reassessment and deleting the addition sustained by the CIT(A) due to lack of compelling evidence to deviate from a previous decision. The reassessment was based on alleged bogus purchases and accommodation entries, but as a similar reassessment in another case was quashed, the Tribunal ruled in favor of the assessee. The 20% addition was also deleted as the purchases were deemed genuine, emphasizing the need for a specific profit rate based on trade nature. The judgment was pronounced on 30/11/2015. en-us Mon, 30 Nov 2015 00:00:00 +0530 Tue, 14 Jun 2016 13:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183561 The Tribunal allowed the appeal, quashing the reassessment and deleting the addition sustained by the CIT(A) due to lack of compelling evidence to deviate from a previous decision. The reassessment was based on alleged bogus purchases and accommodation entries, but as a similar reassessment in another case was quashed, the Tribunal ruled in favor of the assessee. The 20% addition was also deleted as the purchases were deemed genuine, emphasizing the need for a specific profit rate based on trade nature. The judgment was pronounced on 30/11/2015. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183561