https://www.taxtmi.com/caselaws?id=397254 The Tribunal upheld the ld.CIT(A)'s decision to reduce the addition of Rs. 2,63,44,508/- on account of bogus purchases to Rs. 13,19,651/- based on a 7% net profit estimation. The rejection of books of accounts by the AO was found unjustified, leading to the reduction in net profit estimation. Both the assessee's and Revenue's appeals were dismissed on 5th August 2020 in Ahmedabad, with peripheral issues like interest charges and penalty initiation deemed consequential or premature for separate adjudication. en-us Wed, 05 Aug 2020 00:00:00 +0530 Tue, 11 Aug 2020 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397254 The Tribunal upheld the ld.CIT(A)'s decision to reduce the addition of Rs. 2,63,44,508/- on account of bogus purchases to Rs. 13,19,651/- based on a 7% net profit estimation. The rejection of books of accounts by the AO was found unjustified, leading to the reduction in net profit estimation. Both the assessee's and Revenue's appeals were dismissed on 5th August 2020 in Ahmedabad, with peripheral issues like interest charges and penalty initiation deemed consequential or premature for separate adjudication. Case-Laws Income Tax Wed, 05 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397254