https://www.taxtmi.com/caselaws?id=301495 The ITAT directed the AO to tax alleged bogus purchases at a rate of 5%, disagreeing with the CIT(A)'s decision to sustain the addition at 12.5%. The ITAT considered the nature of the business and applicable VAT rate, concluding that only the profit element should be taxed, resulting in the allowance of the appeals in all four cases. en-us Fri, 28 Jun 2019 00:00:00 +0530 Wed, 06 Apr 2022 22:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301495 The ITAT directed the AO to tax alleged bogus purchases at a rate of 5%, disagreeing with the CIT(A)'s decision to sustain the addition at 12.5%. The ITAT considered the nature of the business and applicable VAT rate, concluding that only the profit element should be taxed, resulting in the allowance of the appeals in all four cases. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301495