https://www.taxtmi.com/caselaws?id=394418 The revenue's appeal challenging the restriction of addition to 12.5% of bogus purchases was dismissed by the Tribunal. The Tribunal upheld the Ld. CIT(A)'s decision, citing industry standards and past judgments. It found no error in not considering a different case cited by the revenue. Both the assessee and the Ld. AO were criticized for insufficient evidence and reliance on third-party information without thorough investigation. The Tribunal deemed the 12.5% profit estimation reasonable, in line with industry norms, and upheld the Ld. CIT(A)'s order, ultimately dismissing the revenue's appeal. en-us Wed, 29 Jan 2020 00:00:00 +0530 Sat, 11 Apr 2020 10:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394418 The revenue's appeal challenging the restriction of addition to 12.5% of bogus purchases was dismissed by the Tribunal. The Tribunal upheld the Ld. CIT(A)'s decision, citing industry standards and past judgments. It found no error in not considering a different case cited by the revenue. Both the assessee and the Ld. AO were criticized for insufficient evidence and reliance on third-party information without thorough investigation. The Tribunal deemed the 12.5% profit estimation reasonable, in line with industry norms, and upheld the Ld. CIT(A)'s order, ultimately dismissing the revenue's appeal. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394418