https://www.taxtmi.com/caselaws?id=401407 The Tribunal upheld the ld. CIT(A)'s decision to tax only the profit element embedded in the bogus purchases at 12.5%, rejecting the ld. AO's higher estimation of 36.5%. The Tribunal emphasized the undisputed material consumption by the assessee and previous industry precedents. The revenue's appeal was dismissed, affirming relief for the assessee and highlighting the importance of substantiating purchases and profit elements in cases of alleged bogus transactions. The ruling underscored the significance of evidence and burden of proof in tax assessments, ensuring fair taxation based on verifiable facts. en-us Thu, 10 Sep 2020 00:00:00 +0530 Mon, 07 Dec 2020 10:05:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401407 The Tribunal upheld the ld. CIT(A)'s decision to tax only the profit element embedded in the bogus purchases at 12.5%, rejecting the ld. AO's higher estimation of 36.5%. The Tribunal emphasized the undisputed material consumption by the assessee and previous industry precedents. The revenue's appeal was dismissed, affirming relief for the assessee and highlighting the importance of substantiating purchases and profit elements in cases of alleged bogus transactions. The ruling underscored the significance of evidence and burden of proof in tax assessments, ensuring fair taxation based on verifiable facts. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401407