https://www.taxtmi.com/caselaws?id=340533 The tribunal partially allowed the appeal by estimating the Gross Profit (GP) at 12.5% on alleged bogus purchases, providing partial relief to the assessee. The tribunal upheld the principle that the profit element in such purchases should be added to income, consistent with judicial precedents. The onus was on the assessee to prove the transactions' genuineness, which was not satisfactorily done, leading to profit estimation. en-us Tue, 14 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 09:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340533 The tribunal partially allowed the appeal by estimating the Gross Profit (GP) at 12.5% on alleged bogus purchases, providing partial relief to the assessee. The tribunal upheld the principle that the profit element in such purchases should be added to income, consistent with judicial precedents. The onus was on the assessee to prove the transactions' genuineness, which was not satisfactorily done, leading to profit estimation. Case-Laws Income Tax Tue, 14 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340533