https://www.taxtmi.com/caselaws?id=376779 The Tribunal upheld the CIT(A)'s decision to assess the profit element at 12.5% of the value of alleged bogus purchases, rejecting the AO's peak credit theory due to lack of evidence for unaccounted cash introduction. The Tribunal found the CIT(A)'s orders consistent with judicial precedents and dismissed the Revenue's appeals. en-us Fri, 08 Mar 2019 00:00:00 +0530 Sat, 16 Mar 2019 08:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376779 The Tribunal upheld the CIT(A)'s decision to assess the profit element at 12.5% of the value of alleged bogus purchases, rejecting the AO's peak credit theory due to lack of evidence for unaccounted cash introduction. The Tribunal found the CIT(A)'s orders consistent with judicial precedents and dismissed the Revenue's appeals. Case-Laws Income Tax Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376779