https://www.taxtmi.com/caselaws?id=370160 The Tribunal partially allowed the appeal by the assessee, modifying the Commissioner of Income Tax (Appeals)'s decision on the estimation of profit on bogus purchases. The Tribunal reduced the profit rate from 12.5% to 8%, taking into account the nature of the business in timber and plywood and the VAT element paid on purchases. This adjustment aimed to align the profit estimation with business realities, providing relief to the assessee by lowering the profit addition. en-us Wed, 09 May 2018 00:00:00 +0530 Mon, 12 Nov 2018 07:06:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370160 The Tribunal partially allowed the appeal by the assessee, modifying the Commissioner of Income Tax (Appeals)'s decision on the estimation of profit on bogus purchases. The Tribunal reduced the profit rate from 12.5% to 8%, taking into account the nature of the business in timber and plywood and the VAT element paid on purchases. This adjustment aimed to align the profit estimation with business realities, providing relief to the assessee by lowering the profit addition. Case-Laws Income Tax Wed, 09 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370160