https://www.taxtmi.com/caselaws?id=359415 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, overturning the addition of Rs. 4,82,252 based on the adhoc profit rate of 2% on Biri purchases. The ITAT found the Assessing Officer's presumption regarding commission on purchases lacked substantiation, leading to the deletion of the addition. The ITAT emphasized the lack of justification for the commission rate application and accepted the genuineness of sales, ultimately ruling in favor of the assessee. en-us Thu, 26 Apr 2018 00:00:00 +0530 Mon, 30 Apr 2018 06:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359415 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, overturning the addition of Rs. 4,82,252 based on the adhoc profit rate of 2% on Biri purchases. The ITAT found the Assessing Officer's presumption regarding commission on purchases lacked substantiation, leading to the deletion of the addition. The ITAT emphasized the lack of justification for the commission rate application and accepted the genuineness of sales, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359415