https://www.taxtmi.com/caselaws?id=293925 The Tribunal partially allowed the appeal, modifying the ld.CIT(A)'s order by restricting the additions to 12.50% of the total bogus purchases, citing the reasonable profit percentage in the trade of steel as per the previous judgment. The decision emphasized the importance of estimating profits in such cases and adjusting the addition percentage based on precedents and the nature of the trade. The appeal of the assessee was partly allowed, directing the ld.AO to adjust the income computation accordingly post the Tribunal's order. en-us Thu, 29 Sep 2016 00:00:00 +0530 Wed, 10 Mar 2021 08:28:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293925 The Tribunal partially allowed the appeal, modifying the ld.CIT(A)'s order by restricting the additions to 12.50% of the total bogus purchases, citing the reasonable profit percentage in the trade of steel as per the previous judgment. The decision emphasized the importance of estimating profits in such cases and adjusting the addition percentage based on precedents and the nature of the trade. The appeal of the assessee was partly allowed, directing the ld.AO to adjust the income computation accordingly post the Tribunal's order. Case-Laws Income Tax Thu, 29 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293925