https://www.taxtmi.com/caselaws?id=200582 In a search-related assessment involving alleged bogus purchase bills from entry providers, the Tribunal's complete deletion of the trading addition was not justified. The Court held that the addition could be sustained on a reasonable gross profit basis, having regard to the nature of the business and gross profit rates in comparable years and connected matters. It treated 12 per cent as the appropriate gross profit benchmark for assessment. Where declared profit exceeded 12 per cent, no reduction was warranted; where it was below 12 per cent, income was to be assessed at 12 per cent gross profit. en-us Tue, 19 Sep 2017 00:00:00 +0530 Fri, 06 Apr 2018 07:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200582 In a search-related assessment involving alleged bogus purchase bills from entry providers, the Tribunal's complete deletion of the trading addition was not justified. The Court held that the addition could be sustained on a reasonable gross profit basis, having regard to the nature of the business and gross profit rates in comparable years and connected matters. It treated 12 per cent as the appropriate gross profit benchmark for assessment. Where declared profit exceeded 12 per cent, no reduction was warranted; where it was below 12 per cent, income was to be assessed at 12 per cent gross profit. Case-Laws Income Tax Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200582