https://www.taxtmi.com/caselaws?id=337368 The tribunal dismissed the revenue's appeal and partially allowed the assessee's appeal, adjusting the profit element addition. The delay in filing the appeal was condoned in the interest of justice. Concerns about non-genuine purchases were addressed, with a 15% profit element addition upheld. Double taxation was avoided by recognizing that the disputed amount had already been taxed in a subsequent year. The profit element addition was reduced to 2% based on evidence of better gross profit rates presented by the assessee. en-us Fri, 04 Nov 2016 00:00:00 +0530 Fri, 06 Jan 2017 20:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337368 The tribunal dismissed the revenue's appeal and partially allowed the assessee's appeal, adjusting the profit element addition. The delay in filing the appeal was condoned in the interest of justice. Concerns about non-genuine purchases were addressed, with a 15% profit element addition upheld. Double taxation was avoided by recognizing that the disputed amount had already been taxed in a subsequent year. The profit element addition was reduced to 2% based on evidence of better gross profit rates presented by the assessee. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337368