https://www.taxtmi.com/caselaws?id=415730 The Tribunal partially allowed both appeals of the assessee regarding the disallowance of bogus purchases. The profit rate on non-genuine purchases was set at 5%, differing from the 12.5% estimated by the Assessing Officer and the 100% enhancement by the CIT(A). Despite the assessee providing substantial documentation, the inability to verify parties led to the profit rate adjustment. The Tribunal emphasized the assessee's responsibility to establish purchase genuineness. The decision reversed lower authorities' orders, recognizing the VAT rate and potential grey market purchases in the metal resale business. en-us Fri, 12 Nov 2021 00:00:00 +0530 Mon, 13 Dec 2021 08:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415730 The Tribunal partially allowed both appeals of the assessee regarding the disallowance of bogus purchases. The profit rate on non-genuine purchases was set at 5%, differing from the 12.5% estimated by the Assessing Officer and the 100% enhancement by the CIT(A). Despite the assessee providing substantial documentation, the inability to verify parties led to the profit rate adjustment. The Tribunal emphasized the assessee's responsibility to establish purchase genuineness. The decision reversed lower authorities' orders, recognizing the VAT rate and potential grey market purchases in the metal resale business. Case-Laws Income Tax Fri, 12 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415730