https://www.taxtmi.com/caselaws?id=287525 The Tribunal dismissed the appeals and cross objections challenging the order under section 143(3) r.w.s. 147 for assessment years 2009-10 and 2010-11 regarding deletion of additions on purchases treated as bogus and non-genuine. The Tribunal upheld the CIT(A)'s decision to apply a profit percentage of 12.5% on such purchases, considering evidence from the Sales Tax Department. Despite the purchases being deemed bogus, the appellant reconciled them with material consumed, demonstrating genuine transactions. The Tribunal relied on High Court judgments supporting the profit percentage approach and affirmed the CIT(A)'s conclusions, dismissing the appeals and cross objections due to lack of prosecution. en-us Fri, 05 Apr 2019 00:00:00 +0530 Fri, 17 Apr 2020 11:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287525 The Tribunal dismissed the appeals and cross objections challenging the order under section 143(3) r.w.s. 147 for assessment years 2009-10 and 2010-11 regarding deletion of additions on purchases treated as bogus and non-genuine. The Tribunal upheld the CIT(A)'s decision to apply a profit percentage of 12.5% on such purchases, considering evidence from the Sales Tax Department. Despite the purchases being deemed bogus, the appellant reconciled them with material consumed, demonstrating genuine transactions. The Tribunal relied on High Court judgments supporting the profit percentage approach and affirmed the CIT(A)'s conclusions, dismissing the appeals and cross objections due to lack of prosecution. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287525