https://www.taxtmi.com/caselaws?id=403471 The Tribunal partially allowed the assessee's appeal and dismissed the revenue's appeal in a case involving alleged bogus purchases. The addition to income was modified to 12.5% of the total amount, aligning with legal precedents and principles of justice. The Tribunal found the assessee failed to prove the genuineness of the transactions, leading to an estimation-based profit determination. The decision aimed to add only the profit element of such transactions, reducing the addition from the initial 25% to 12.5%. en-us Thu, 26 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 07:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403471 The Tribunal partially allowed the assessee's appeal and dismissed the revenue's appeal in a case involving alleged bogus purchases. The addition to income was modified to 12.5% of the total amount, aligning with legal precedents and principles of justice. The Tribunal found the assessee failed to prove the genuineness of the transactions, leading to an estimation-based profit determination. The decision aimed to add only the profit element of such transactions, reducing the addition from the initial 25% to 12.5%. Case-Laws Income Tax Thu, 26 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403471