https://www.taxtmi.com/caselaws?id=351256 The Tribunal reversed the First Appellate Authority's decision, upholding the Assessing Officer's conclusion of adopting a profit rate of 5% of turnover. The Tribunal found the Assessing Officer's approach justifiable in cases of bogus purchases, emphasizing the need to estimate profit based on available facts. The Revenue's appeal was allowed, with the Tribunal highlighting the necessity of estimation in cases involving inflated purchase prices. en-us Thu, 14 Sep 2017 00:00:00 +0530 Wed, 22 Nov 2017 08:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351256 The Tribunal reversed the First Appellate Authority's decision, upholding the Assessing Officer's conclusion of adopting a profit rate of 5% of turnover. The Tribunal found the Assessing Officer's approach justifiable in cases of bogus purchases, emphasizing the need to estimate profit based on available facts. The Revenue's appeal was allowed, with the Tribunal highlighting the necessity of estimation in cases involving inflated purchase prices. Case-Laws Income Tax Thu, 14 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351256