https://www.taxtmi.com/caselaws?id=349858 The ITAT upheld the CIT(A)'s decision to restrict the addition to 3% of the aggregate value of purchases, concluding that purchases were made from the grey market. The tribunal affirmed that only the profit element embedded in such purchases should be added back to income, dismissing the appeals for AY 2007-08, 2009-10, and 2012-13. The judgments for AY 2009-10 and 2012-13 mirrored those for AY 2007-08, leading to their dismissal based on identical facts and issues. en-us Fri, 13 Oct 2017 00:00:00 +0530 Thu, 26 Oct 2017 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349858 The ITAT upheld the CIT(A)'s decision to restrict the addition to 3% of the aggregate value of purchases, concluding that purchases were made from the grey market. The tribunal affirmed that only the profit element embedded in such purchases should be added back to income, dismissing the appeals for AY 2007-08, 2009-10, and 2012-13. The judgments for AY 2009-10 and 2012-13 mirrored those for AY 2007-08, leading to their dismissal based on identical facts and issues. Case-Laws Income Tax Fri, 13 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349858