https://www.taxtmi.com/caselaws?id=413776 The Appellate Tribunal partially allowed the appeal, directing the Assessing Officer to estimate the profit element from non-genuine purchases at 9.5% for the relevant assessment year. The Tribunal emphasized the need for reasonable estimation in the absence of conclusive proof from the assessee, highlighting the importance of considering the nature of the business and past Gross Profit ratios. en-us Fri, 01 Oct 2021 00:00:00 +0530 Wed, 20 Oct 2021 09:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413776 The Appellate Tribunal partially allowed the appeal, directing the Assessing Officer to estimate the profit element from non-genuine purchases at 9.5% for the relevant assessment year. The Tribunal emphasized the need for reasonable estimation in the absence of conclusive proof from the assessee, highlighting the importance of considering the nature of the business and past Gross Profit ratios. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413776