https://www.taxtmi.com/highlights?id=54343 Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities have taken different rate of profit for estimation of income from alleged bogus purchase, but no one could support said rate of gross profit with necessary evidences or any comparable cases. We are of the considered opinion that 12.50% rate of profit adopted by the CIT(A) appears to be reasonable - AT en-us Fri, 14 Aug 2020 10:05:48 +0530 Fri, 14 Aug 2020 10:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54343 Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities have taken different rate of profit for estimation of income from alleged bogus purchase, but no one could support said rate of gross profit with necessary evidences or any comparable cases. We are of the considered opinion that 12.50% rate of profit adopted by the CIT(A) appears to be reasonable - AT Highlights Income Tax Fri, 14 Aug 2020 10:05:48 +0530 https://www.taxtmi.com/highlights?id=54343