https://www.taxtmi.com/caselaws?id=425075 The Tribunal allowed the appellant's appeal in a tax case for the assessment year 2010-11. The Tribunal found that the addition of alleged bogus purchases under section 69C of the Income Tax Act was unjustified as it lacked substantial evidence. Relying on precedents and considering the nature of the business, the Tribunal directed the Assessing Officer to charge the appellant at a gross profit rate of 10% on the disputed purchases. The decision emphasized the importance of evidence and reasonable estimation in such cases, highlighting the need for factual analysis and adherence to legal principles. en-us Tue, 12 Jul 2022 00:00:00 +0530 Fri, 15 Jul 2022 09:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425075 The Tribunal allowed the appellant's appeal in a tax case for the assessment year 2010-11. The Tribunal found that the addition of alleged bogus purchases under section 69C of the Income Tax Act was unjustified as it lacked substantial evidence. Relying on precedents and considering the nature of the business, the Tribunal directed the Assessing Officer to charge the appellant at a gross profit rate of 10% on the disputed purchases. The decision emphasized the importance of evidence and reasonable estimation in such cases, highlighting the need for factual analysis and adherence to legal principles. Case-Laws Income Tax Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425075