https://www.taxtmi.com/caselaws?id=401177 The tribunal partly allowed both the Assessee's and Revenue's appeals concerning the addition made on account of bogus purchases under section 69C of the Income Tax Act. The tribunal directed the Assessing Officer to adopt a profit percentage of 12.5% and adjust it by the gross profit already declared by the Assessee regarding the disputed purchases. This decision was based on a previous ruling related to a similar issue in the Assessee's case for a different assessment year. en-us Wed, 21 Oct 2020 00:00:00 +0530 Mon, 30 Nov 2020 10:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401177 The tribunal partly allowed both the Assessee's and Revenue's appeals concerning the addition made on account of bogus purchases under section 69C of the Income Tax Act. The tribunal directed the Assessing Officer to adopt a profit percentage of 12.5% and adjust it by the gross profit already declared by the Assessee regarding the disputed purchases. This decision was based on a previous ruling related to a similar issue in the Assessee's case for a different assessment year. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401177