https://www.taxtmi.com/caselaws?id=439146 The Tribunal partially allowed the appeal by directing the Assessing Officer to restrict the addition to 7% of the alleged bogus purchase amount of Rs.30,00,000, based on the average profit margin of the assessee. This decision was made considering that the books of accounts were not rejected, the purchases were reflected in the sales tax return, and the lack of response from the seller, indicating a possibility of profit suppression. en-us Wed, 19 Apr 2023 00:00:00 +0530 Fri, 16 Jun 2023 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439146 The Tribunal partially allowed the appeal by directing the Assessing Officer to restrict the addition to 7% of the alleged bogus purchase amount of Rs.30,00,000, based on the average profit margin of the assessee. This decision was made considering that the books of accounts were not rejected, the purchases were reflected in the sales tax return, and the lack of response from the seller, indicating a possibility of profit suppression. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439146