https://www.taxtmi.com/caselaws?id=343794 Bogus purchase additions were not deleted in full where the purchases were not accepted as fully genuine on the material before the ITAT. The Tribunal approved estimation of the addition at 8% and held that the profit element already reflected in the books on the impugned purchases should be excluded to avoid an excessive addition. For that limited purpose, the matter was remanded to the Assessing Officer to verify the corresponding sales and quantify the gross profit already disclosed, after giving the assessee an opportunity to produce supporting material. en-us Fri, 19 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:14:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343794 Bogus purchase additions were not deleted in full where the purchases were not accepted as fully genuine on the material before the ITAT. The Tribunal approved estimation of the addition at 8% and held that the profit element already reflected in the books on the impugned purchases should be excluded to avoid an excessive addition. For that limited purpose, the matter was remanded to the Assessing Officer to verify the corresponding sales and quantify the gross profit already disclosed, after giving the assessee an opportunity to produce supporting material. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343794