https://www.taxtmi.com/caselaws?id=439698 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to tax only the profit element embedded in transactions involving bogus purchases and sales. The Tribunal also affirmed the addition of commission expenditure estimated at 3% of the disputed purchases as unexplained expenditure under section 69C of the Income-tax Act, 1961. The Tribunal agreed with the Commissioner's determination of the profit element to be taxed at 11.69% and 12.5% for different transactions, considering genuine sales by the assessee. en-us Tue, 27 Jun 2023 00:00:00 +0530 Fri, 30 Jun 2023 09:35:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439698 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to tax only the profit element embedded in transactions involving bogus purchases and sales. The Tribunal also affirmed the addition of commission expenditure estimated at 3% of the disputed purchases as unexplained expenditure under section 69C of the Income-tax Act, 1961. The Tribunal agreed with the Commissioner's determination of the profit element to be taxed at 11.69% and 12.5% for different transactions, considering genuine sales by the assessee. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439698