https://www.taxtmi.com/caselaws?id=289510 The ITAT modified the CIT(A)'s order concerning the assessee's income tax assessment for AY 2011-12. The AO initially added Rs. 25.50 lakhs based on a 12.50% profit estimation from alleged bogus purchases. However, the Tribunal, referencing a similar case from AY 2009-10, directed the AO to limit the addition to 2% of the purchase value. This decision aligned with the precedent and provided partial relief to the assessee by significantly reducing the addition amount. The appeal was partly allowed, emphasizing consistency in judicial decisions. en-us Tue, 12 Sep 2017 00:00:00 +0530 Thu, 14 Nov 2024 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289510 The ITAT modified the CIT(A)'s order concerning the assessee's income tax assessment for AY 2011-12. The AO initially added Rs. 25.50 lakhs based on a 12.50% profit estimation from alleged bogus purchases. However, the Tribunal, referencing a similar case from AY 2009-10, directed the AO to limit the addition to 2% of the purchase value. This decision aligned with the precedent and provided partial relief to the assessee by significantly reducing the addition amount. The appeal was partly allowed, emphasizing consistency in judicial decisions. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289510