https://www.taxtmi.com/caselaws?id=291419 The tribunal partly allowed all three appeals, modifying the additions made by lower authorities for AYs 2008-09, 2010-11, and 2011-12. The profit element in transactions was estimated at 2% of alleged bogus purchases, considering the business nature and thin profit margins. The reassessment proceedings were upheld due to non-existent entities from which purchases were made, leading to sustained additions to account for the profit element. en-us Tue, 07 Jan 2020 00:00:00 +0530 Mon, 09 Nov 2020 18:45:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291419 The tribunal partly allowed all three appeals, modifying the additions made by lower authorities for AYs 2008-09, 2010-11, and 2011-12. The profit element in transactions was estimated at 2% of alleged bogus purchases, considering the business nature and thin profit margins. The reassessment proceedings were upheld due to non-existent entities from which purchases were made, leading to sustained additions to account for the profit element. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291419