https://www.taxtmi.com/caselaws?id=413206 The Income Tax Appellate Tribunal (ITAT) partially allowed the Revenue's appeal, modifying the addition on account of the profit element from alleged purchases. The ITAT estimated the profit at 5% of the purchase value, considering the nature of the assessee's business as a trader in Iron and Steel. The decision aimed to achieve justice by aligning with industry standards, as the sales from the purchases were not disputed by the Revenue. en-us Tue, 15 Jun 2021 00:00:00 +0530 Thu, 07 Oct 2021 09:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413206 The Income Tax Appellate Tribunal (ITAT) partially allowed the Revenue's appeal, modifying the addition on account of the profit element from alleged purchases. The ITAT estimated the profit at 5% of the purchase value, considering the nature of the assessee's business as a trader in Iron and Steel. The decision aimed to achieve justice by aligning with industry standards, as the sales from the purchases were not disputed by the Revenue. Case-Laws Income Tax Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413206