https://www.taxtmi.com/caselaws?id=352470 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition made under section 69C of the Income Tax Act for bogus purchases. The ITAT upheld the rejection of Books of Accounts but agreed that the purchases and sales were accommodation entries. It supported the estimation of net profit at 2% but concluded that once income is estimated, no separate addition should be made under section 69C. The judgment was pronounced on October 11, 2017. en-us Wed, 11 Oct 2017 00:00:00 +0530 Fri, 15 Dec 2017 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352470 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition made under section 69C of the Income Tax Act for bogus purchases. The ITAT upheld the rejection of Books of Accounts but agreed that the purchases and sales were accommodation entries. It supported the estimation of net profit at 2% but concluded that once income is estimated, no separate addition should be made under section 69C. The judgment was pronounced on October 11, 2017. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352470