https://www.taxtmi.com/caselaws?id=350095 The Tribunal upheld the CIT(A)'s decision to restrict the addition to the profit element embedded in the purchases. The Tribunal directed the AO to estimate the profit at 5% of the value of alleged bogus purchases for both assessment years, considering standardized rates of the products. The appeals of the assessee were partly allowed, and the revenue's appeals were dismissed. The AO was instructed to verify the actual value of purchases from suspicious suppliers and adjust the profit accordingly. en-us Wed, 20 Sep 2017 00:00:00 +0530 Tue, 31 Oct 2017 14:38:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350095 The Tribunal upheld the CIT(A)'s decision to restrict the addition to the profit element embedded in the purchases. The Tribunal directed the AO to estimate the profit at 5% of the value of alleged bogus purchases for both assessment years, considering standardized rates of the products. The appeals of the assessee were partly allowed, and the revenue's appeals were dismissed. The AO was instructed to verify the actual value of purchases from suspicious suppliers and adjust the profit accordingly. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350095