https://www.taxtmi.com/caselaws?id=338171 The Tribunal partly allowed the appeal, directing that only the net profit rate of 6% be applied to the bogus purchases instead of adding the entire amount as income. The decision was based on the lack of thorough inquiry by the AO and the principle that only the profit element in bogus purchases should be subject to tax. The same reasoning was applied to a similar appeal, which was also partly allowed. en-us Mon, 17 Oct 2016 00:00:00 +0530 Wed, 25 Jan 2017 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338171 The Tribunal partly allowed the appeal, directing that only the net profit rate of 6% be applied to the bogus purchases instead of adding the entire amount as income. The decision was based on the lack of thorough inquiry by the AO and the principle that only the profit element in bogus purchases should be subject to tax. The same reasoning was applied to a similar appeal, which was also partly allowed. Case-Laws Income Tax Mon, 17 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338171