https://www.taxtmi.com/caselaws?id=402937 The Tribunal dismissed the appeal challenging the validity of the assessment order, addition of estimated profit margin on alleged purchases, and jurisdiction of the Assessing Officer to reopen proceedings. The Tribunal upheld the estimated profit margin of 12.5% on suspicious purchases due to the assessee's failure to substantiate transactions and lack of supplier confirmation. Despite claims of lack of opportunity for cross-examination, the Tribunal emphasized the assessee's responsibility to provide supplier confirmation. Ultimately, the appeal was dismissed, affirming the estimated additions and the upheld profit margin estimation. en-us Thu, 03 Dec 2020 00:00:00 +0530 Fri, 15 Jan 2021 11:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402937 The Tribunal dismissed the appeal challenging the validity of the assessment order, addition of estimated profit margin on alleged purchases, and jurisdiction of the Assessing Officer to reopen proceedings. The Tribunal upheld the estimated profit margin of 12.5% on suspicious purchases due to the assessee's failure to substantiate transactions and lack of supplier confirmation. Despite claims of lack of opportunity for cross-examination, the Tribunal emphasized the assessee's responsibility to provide supplier confirmation. Ultimately, the appeal was dismissed, affirming the estimated additions and the upheld profit margin estimation. Case-Laws Income Tax Thu, 03 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402937