https://www.taxtmi.com/caselaws?id=407496 The appeals by the assessee, involving non genuine purchases for assessment years 2010-11 and 2011-12, were partly allowed by the Tribunal. The assessing officer's 12.5% profit estimation on alleged non genuine purchases was reduced to 5% due to the failure to verify authenticity and considering normal profit margins in the business. The importance of verifying purchase authenticity and maintaining fairness to the assessee was emphasized in the judgment. en-us Thu, 11 Mar 2021 00:00:00 +0530 Thu, 13 May 2021 08:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407496 The appeals by the assessee, involving non genuine purchases for assessment years 2010-11 and 2011-12, were partly allowed by the Tribunal. The assessing officer's 12.5% profit estimation on alleged non genuine purchases was reduced to 5% due to the failure to verify authenticity and considering normal profit margins in the business. The importance of verifying purchase authenticity and maintaining fairness to the assessee was emphasized in the judgment. Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407496