https://www.taxtmi.com/caselaws?id=401413 The Tribunal upheld the validity of assessments under section 143(3) read with section 147 for multiple assessment years. The purchases were not entirely treated as bogus; only the profit element embedded in disputed transactions was added to income at a rate of 3%. The Tribunal dismissed Revenue's argument under section 40A(3) regarding cash payments, as payments were made through cheques. All appeals were dismissed, affirming the assessments and profit additions while rejecting the application of section 40A(3). en-us Thu, 22 Oct 2020 00:00:00 +0530 Mon, 07 Dec 2020 10:21:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401413 The Tribunal upheld the validity of assessments under section 143(3) read with section 147 for multiple assessment years. The purchases were not entirely treated as bogus; only the profit element embedded in disputed transactions was added to income at a rate of 3%. The Tribunal dismissed Revenue's argument under section 40A(3) regarding cash payments, as payments were made through cheques. All appeals were dismissed, affirming the assessments and profit additions while rejecting the application of section 40A(3). Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401413