https://www.taxtmi.com/caselaws?id=408418 In alleged bogus purchase cases, where genuineness is not fully established, only the profit element embedded in the purchases may be brought to tax on an estimated basis. Applying that principle, the Tribunal sustained the first appellate authority's restriction of the addition to 12.5% of the purchase value and declined to restore the higher addition made by the Assessing Officer. The Revenue's challenge therefore failed, as the facts were treated as closer to cases warranting estimation of profit element rather than full disallowance of the purchase amount. en-us Mon, 31 May 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408418 In alleged bogus purchase cases, where genuineness is not fully established, only the profit element embedded in the purchases may be brought to tax on an estimated basis. Applying that principle, the Tribunal sustained the first appellate authority's restriction of the addition to 12.5% of the purchase value and declined to restore the higher addition made by the Assessing Officer. The Revenue's challenge therefore failed, as the facts were treated as closer to cases warranting estimation of profit element rather than full disallowance of the purchase amount. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408418