https://www.taxtmi.com/caselaws?id=281432 The Tribunal directed the Assessing Officer to restrict the addition for alleged bogus purchases to 5% of the value, reducing the estimated profit element to 5% from the initial 12.5%. The Tribunal upheld the deletion of the cash credit addition made under Section 68, as the assessee successfully proved the identity, creditworthiness, and genuineness of the transactions, with the AO failing to counter the evidence effectively. The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals in the final order. en-us Fri, 14 Dec 2018 00:00:00 +0530 Tue, 18 Jun 2019 21:30:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281432 The Tribunal directed the Assessing Officer to restrict the addition for alleged bogus purchases to 5% of the value, reducing the estimated profit element to 5% from the initial 12.5%. The Tribunal upheld the deletion of the cash credit addition made under Section 68, as the assessee successfully proved the identity, creditworthiness, and genuineness of the transactions, with the AO failing to counter the evidence effectively. The Tribunal dismissed the revenue's appeals and partly allowed the assessee's appeals in the final order. Case-Laws Income Tax Fri, 14 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281432