https://www.taxtmi.com/caselaws?id=407418 The ITAT upheld the CIT(A)'s decision to restrict suppressed profit to 12.5% of purchases from bogus entities, based on surrounding circumstances and judicial precedents. The revenue's appeals were dismissed, affirming the CIT(A)'s estimation of the profit element in the bogus purchases. The ITAT found the CIT(A)'s approach reasonable and in line with relevant case law, concluding that the suppressed profit margin could be estimated rather than disallowing the entire purchase amount. en-us Wed, 07 Apr 2021 00:00:00 +0530 Mon, 10 May 2021 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407418 The ITAT upheld the CIT(A)'s decision to restrict suppressed profit to 12.5% of purchases from bogus entities, based on surrounding circumstances and judicial precedents. The revenue's appeals were dismissed, affirming the CIT(A)'s estimation of the profit element in the bogus purchases. The ITAT found the CIT(A)'s approach reasonable and in line with relevant case law, concluding that the suppressed profit margin could be estimated rather than disallowing the entire purchase amount. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407418