https://www.taxtmi.com/caselaws?id=397324 The ITAT upheld the CIT(A)'s decision to disallow only 8% of alleged bogus purchases instead of the entire amount, citing the need to estimate profit from suspicious purchases. It reasoned that taxing only the profit element in cases involving purchases from suspicious dealers was appropriate, not the total purchase amount. The ITAT emphasized the lack of conclusive evidence from both parties and upheld the CIT(A)'s decision based on previous judgments and the specific facts of the case. en-us Mon, 22 Jun 2020 00:00:00 +0530 Thu, 13 Aug 2020 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397324 The ITAT upheld the CIT(A)'s decision to disallow only 8% of alleged bogus purchases instead of the entire amount, citing the need to estimate profit from suspicious purchases. It reasoned that taxing only the profit element in cases involving purchases from suspicious dealers was appropriate, not the total purchase amount. The ITAT emphasized the lack of conclusive evidence from both parties and upheld the CIT(A)'s decision based on previous judgments and the specific facts of the case. Case-Laws Income Tax Mon, 22 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397324