https://www.taxtmi.com/caselaws?id=385599 The tribunal upheld the CIT(A)'s decision to estimate the profit at 12.5% of the alleged bogus purchases, amounting to Rs. 6,44,608/-, and dismissed the Revenue's appeal for 100% addition of the bogus purchases. The tribunal found the CIT(A)'s estimation to be fair and reasonable, considering the factual matrix and judicial precedents. The assessee's reconciliation of purchases with sales and the absence of evidence of suppression of sales were significant factors in the decision. en-us Mon, 05 Aug 2019 00:00:00 +0530 Tue, 10 Sep 2019 06:01:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385599 The tribunal upheld the CIT(A)'s decision to estimate the profit at 12.5% of the alleged bogus purchases, amounting to Rs. 6,44,608/-, and dismissed the Revenue's appeal for 100% addition of the bogus purchases. The tribunal found the CIT(A)'s estimation to be fair and reasonable, considering the factual matrix and judicial precedents. The assessee's reconciliation of purchases with sales and the absence of evidence of suppression of sales were significant factors in the decision. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385599