https://www.taxtmi.com/caselaws?id=397527 The Tribunal partially allowed the appeal by the assessee in a case involving alleged bogus purchases. The Tribunal directed the Assessing Officer to estimate a lower gross profit rate of 12.50% on the alleged bogus purchases, differing from the higher rates applied by lower authorities. It emphasized the onus on the taxpayer to prove transaction genuineness and referred to precedents taxing only the profit element in such transactions. The decision settled the dispute over the addition of bogus purchases between the parties. en-us Wed, 20 May 2020 00:00:00 +0530 Fri, 21 Aug 2020 10:09:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397527 The Tribunal partially allowed the appeal by the assessee in a case involving alleged bogus purchases. The Tribunal directed the Assessing Officer to estimate a lower gross profit rate of 12.50% on the alleged bogus purchases, differing from the higher rates applied by lower authorities. It emphasized the onus on the taxpayer to prove transaction genuineness and referred to precedents taxing only the profit element in such transactions. The decision settled the dispute over the addition of bogus purchases between the parties. Case-Laws Income Tax Wed, 20 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397527