https://www.taxtmi.com/caselaws?id=401061 The Tribunal partially allowed the appeal, limiting the addition to Rs. 48,85,485 instead of the proposed Rs. 3,05,34,283 under Section 68 of the Income Tax Act. The Tribunal ruled that the sales were genuine, and the assessee maintained proper records, leading to the adoption of a Gross Profit rate on unsubstantiated purchases from six creditors. The decision emphasized considering the profit element in transactions rather than adding the entire purchase amount as bogus income. en-us Mon, 23 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401061 The Tribunal partially allowed the appeal, limiting the addition to Rs. 48,85,485 instead of the proposed Rs. 3,05,34,283 under Section 68 of the Income Tax Act. The Tribunal ruled that the sales were genuine, and the assessee maintained proper records, leading to the adoption of a Gross Profit rate on unsubstantiated purchases from six creditors. The decision emphasized considering the profit element in transactions rather than adding the entire purchase amount as bogus income. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401061