https://www.taxtmi.com/caselaws?id=353009 The appellate tribunal partially allowed the appeal, reducing the profit rate to 5% from the initially applied 12.5% on bogus purchases in the iron and steel business. The tribunal considered the low profit margins in this trade and the assessee's evidence of 2% profit on sales from such purchases, directing the AO to recalculate income using the revised profit rate. This decision was made in light of the circumstances and evidence presented, resulting in a favorable outcome for the assessee. en-us Fri, 04 Aug 2017 00:00:00 +0530 Tue, 26 Dec 2017 08:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353009 The appellate tribunal partially allowed the appeal, reducing the profit rate to 5% from the initially applied 12.5% on bogus purchases in the iron and steel business. The tribunal considered the low profit margins in this trade and the assessee's evidence of 2% profit on sales from such purchases, directing the AO to recalculate income using the revised profit rate. This decision was made in light of the circumstances and evidence presented, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Fri, 04 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353009