https://www.taxtmi.com/caselaws?id=293841 The Tribunal partially allowed the appeals, reducing the additions by directing the assessing officer to limit them to 5% of non-genuine purchases. The decision emphasized reasonableness in profit estimation for the metal trading business, based on specific facts and circumstances of the case. The judgment underscores the importance of substantiating transactions and reasonable profit estimations in cases involving alleged bogus purchases, guiding assessing officers and appellate authorities in similar matters. en-us Fri, 14 Dec 2018 00:00:00 +0530 Fri, 05 Mar 2021 09:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293841 The Tribunal partially allowed the appeals, reducing the additions by directing the assessing officer to limit them to 5% of non-genuine purchases. The decision emphasized reasonableness in profit estimation for the metal trading business, based on specific facts and circumstances of the case. The judgment underscores the importance of substantiating transactions and reasonable profit estimations in cases involving alleged bogus purchases, guiding assessing officers and appellate authorities in similar matters. Case-Laws Income Tax Fri, 14 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293841