https://www.taxtmi.com/caselaws?id=415286 The Tribunal partially allowed the appeal, directing the assessing officer to add only 1% of the value of alleged bogus purchases, amounting to Rs. 5,67,019, and delete the remaining portion. The decision was based on the acknowledgment that fabrics do not attract VAT, contrary to the ld. AO's estimation of 12.5% profit. The Tribunal's order was pronounced on 08/10/2021 in ITA No.1783/Mum/2020 for A.Y.2008-09. en-us Fri, 08 Oct 2021 00:00:00 +0530 Thu, 02 Dec 2021 08:52:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415286 The Tribunal partially allowed the appeal, directing the assessing officer to add only 1% of the value of alleged bogus purchases, amounting to Rs. 5,67,019, and delete the remaining portion. The decision was based on the acknowledgment that fabrics do not attract VAT, contrary to the ld. AO's estimation of 12.5% profit. The Tribunal's order was pronounced on 08/10/2021 in ITA No.1783/Mum/2020 for A.Y.2008-09. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415286