https://www.taxtmi.com/caselaws?id=412771 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) regarding the computation of profit for the purpose of section 28 of the IT Act, 1961, in a case involving bogus purchases. The ITAT agreed with the restriction of addition to 3% of total purchases, considering lower profit margins in the diamond industry. The Tribunal dismissed appeals by both the Revenue and the assessee, concluding that a 3% disallowance out of the bogus purchases was appropriate, based on previous decisions and the evidence provided. en-us Mon, 30 Aug 2021 00:00:00 +0530 Tue, 28 Sep 2021 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412771 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) regarding the computation of profit for the purpose of section 28 of the IT Act, 1961, in a case involving bogus purchases. The ITAT agreed with the restriction of addition to 3% of total purchases, considering lower profit margins in the diamond industry. The Tribunal dismissed appeals by both the Revenue and the assessee, concluding that a 3% disallowance out of the bogus purchases was appropriate, based on previous decisions and the evidence provided. Case-Laws Income Tax Mon, 30 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412771