https://www.taxtmi.com/caselaws?id=416157 The Appellate Tribunal, Mumbai, partially allowed the assessee's appeals against the Commissioner of Income Tax (Appeals) for different assessment years. The Tribunal estimated the Gross Profit element from purchases at 1% instead of 12.5% as determined by the Commissioner. The Tribunal considered the nature of supplies, absence of VAT eligibility on fabrics, and sales not being questioned by the Revenue. Following a previous decision, the Tribunal directed the Assessing Officer to tax only the incidental profit from cash purchases in the grey market, excluding the VAT portion, thereby partly allowing the assessee's appeal. en-us Thu, 25 Nov 2021 00:00:00 +0530 Wed, 22 Dec 2021 07:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416157 The Appellate Tribunal, Mumbai, partially allowed the assessee's appeals against the Commissioner of Income Tax (Appeals) for different assessment years. The Tribunal estimated the Gross Profit element from purchases at 1% instead of 12.5% as determined by the Commissioner. The Tribunal considered the nature of supplies, absence of VAT eligibility on fabrics, and sales not being questioned by the Revenue. Following a previous decision, the Tribunal directed the Assessing Officer to tax only the incidental profit from cash purchases in the grey market, excluding the VAT portion, thereby partly allowing the assessee's appeal. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416157