https://www.taxtmi.com/caselaws?id=347972 The appeals against CIT(A) orders for assessment years 2007-08, 2008-09 & 2009-10 involved the addition of alleged bogus purchases from hawala operators. The Tribunal partly allowed the appeals, directing a 12.5% profit estimate on the total alleged bogus purchases for all assessment years. This decision was based on the sufficiency of evidence provided by the assessee and highlighted the importance of substantiating purchases and estimating only the profit element in such transactions. en-us Wed, 13 Sep 2017 00:00:00 +0530 Wed, 13 Sep 2017 22:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347972 The appeals against CIT(A) orders for assessment years 2007-08, 2008-09 & 2009-10 involved the addition of alleged bogus purchases from hawala operators. The Tribunal partly allowed the appeals, directing a 12.5% profit estimate on the total alleged bogus purchases for all assessment years. This decision was based on the sufficiency of evidence provided by the assessee and highlighted the importance of substantiating purchases and estimating only the profit element in such transactions. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347972