https://www.taxtmi.com/caselaws?id=351355 The Tribunal upheld the CIT(A)'s order estimating a 12.5% net profit margin on alleged bogus purchases. The burden of proof regarding the legitimacy of purchases was on the assessee, who failed to provide essential evidence. Only the profit margin embedded in the purchases was deemed taxable under Section 69C. The Tribunal emphasized the importance of documentary evidence and upheld the CIT(A)'s decision based on relevant judicial precedents. The Revenue's appeals were dismissed, affirming the CIT(A)'s order. en-us Wed, 02 Aug 2017 00:00:00 +0530 Fri, 24 Nov 2017 06:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351355 The Tribunal upheld the CIT(A)'s order estimating a 12.5% net profit margin on alleged bogus purchases. The burden of proof regarding the legitimacy of purchases was on the assessee, who failed to provide essential evidence. Only the profit margin embedded in the purchases was deemed taxable under Section 69C. The Tribunal emphasized the importance of documentary evidence and upheld the CIT(A)'s decision based on relevant judicial precedents. The Revenue's appeals were dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 02 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351355