https://www.taxtmi.com/caselaws?id=402417 The Tribunal upheld the decision to restrict the addition on non-genuine purchases to 12.5% of the value instead of 100%. It was determined that only the profit element embedded in the disputed purchases could be taxed when corresponding sales were not disputed. The Tribunal found the estimation of the profit element at 12.5% to be reasonable, considering the circumstances of the case and past judicial precedents. The Revenue's appeal was dismissed, affirming the Commissioner's order. en-us Wed, 11 Nov 2020 00:00:00 +0530 Thu, 31 Dec 2020 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402417 The Tribunal upheld the decision to restrict the addition on non-genuine purchases to 12.5% of the value instead of 100%. It was determined that only the profit element embedded in the disputed purchases could be taxed when corresponding sales were not disputed. The Tribunal found the estimation of the profit element at 12.5% to be reasonable, considering the circumstances of the case and past judicial precedents. The Revenue's appeal was dismissed, affirming the Commissioner's order. Case-Laws Income Tax Wed, 11 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402417