https://www.taxtmi.com/caselaws?id=390078 The Tribunal held that the entire non-genuine purchases could not be added as corresponding sales were proven. It was concluded that the goods might have been purchased from the grey market to evade taxes, justifying the addition of the profit element. The Tribunal restricted the addition to 12.5% of the non-genuine purchases, citing consistent higher court views. The Tribunal dismissed the Revenue's grounds and partly allowed the assessee's cross objections. The validity of the reopening under section 147 of the Income-tax Act was upheld. en-us Fri, 25 Oct 2019 00:00:00 +0530 Mon, 23 Dec 2019 13:36:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390078 The Tribunal held that the entire non-genuine purchases could not be added as corresponding sales were proven. It was concluded that the goods might have been purchased from the grey market to evade taxes, justifying the addition of the profit element. The Tribunal restricted the addition to 12.5% of the non-genuine purchases, citing consistent higher court views. The Tribunal dismissed the Revenue's grounds and partly allowed the assessee's cross objections. The validity of the reopening under section 147 of the Income-tax Act was upheld. Case-Laws Income Tax Fri, 25 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390078