https://www.taxtmi.com/caselaws?id=406683 The Tribunal partly allowed the appeals in favor of the assessee, directing the Assessing Officer to make profit additions at 1% of the value of ingenuine purchases for each assessment year. The Tribunal considered industry standards and profitability ratios, concluding that the 8% profit addition was not justified. The decision highlighted the peculiar circumstances of the case and the savings in indirect taxes from grey market purchases, leading to a favorable outcome for the assessee regarding the validity of re-assessment and profit additions on ingenuine purchases. en-us Tue, 23 Feb 2021 00:00:00 +0530 Wed, 21 Apr 2021 08:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406683 The Tribunal partly allowed the appeals in favor of the assessee, directing the Assessing Officer to make profit additions at 1% of the value of ingenuine purchases for each assessment year. The Tribunal considered industry standards and profitability ratios, concluding that the 8% profit addition was not justified. The decision highlighted the peculiar circumstances of the case and the savings in indirect taxes from grey market purchases, leading to a favorable outcome for the assessee regarding the validity of re-assessment and profit additions on ingenuine purchases. Case-Laws Income Tax Tue, 23 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406683