https://www.taxtmi.com/caselaws?id=287200 The Tribunal partly allowed the appeals, directing the AO to estimate a 12.5% profit on the alleged bogus purchases instead of the initial 25% estimated by the CIT(A). The Tribunal upheld the validity of the reassessment, finding that it was based on tangible material suggesting escapement of income. The decision emphasized the need to tax only the profit element embedded in the alleged bogus purchases, aligning with judicial precedents. en-us Fri, 28 Jun 2019 00:00:00 +0530 Fri, 03 Apr 2020 10:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287200 The Tribunal partly allowed the appeals, directing the AO to estimate a 12.5% profit on the alleged bogus purchases instead of the initial 25% estimated by the CIT(A). The Tribunal upheld the validity of the reassessment, finding that it was based on tangible material suggesting escapement of income. The decision emphasized the need to tax only the profit element embedded in the alleged bogus purchases, aligning with judicial precedents. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287200