https://www.taxtmi.com/caselaws?id=432731 In alleged bogus purchase cases involving accommodation entry providers, where sales are not doubted, only the profit element embedded in the disputed purchases is to be brought to tax on a reasonable estimation basis. Applying that settled approach, the ITAT Surat restricted the addition to 6% of the impugned purchases instead of sustaining the disallowance in full or at the higher level adopted by the first appellate authority. The assessee obtained partial relief, and the Revenue's challenge failed. en-us Mon, 09 Jan 2023 00:00:00 +0530 Thu, 12 Jan 2023 07:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432731 In alleged bogus purchase cases involving accommodation entry providers, where sales are not doubted, only the profit element embedded in the disputed purchases is to be brought to tax on a reasonable estimation basis. Applying that settled approach, the ITAT Surat restricted the addition to 6% of the impugned purchases instead of sustaining the disallowance in full or at the higher level adopted by the first appellate authority. The assessee obtained partial relief, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 09 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432731