https://www.taxtmi.com/caselaws?id=443603 The High Court dismissed the Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the ITAT's order on the assessment of income based on alleged bogus purchases. The ITAT's decision to estimate the profit element in the bogus purchases at 12.5% was upheld, with the High Court finding no substantial questions of law warranting further consideration. The ITAT's approach in re-opening the assessment was criticized, leading to the dismissal of the Appeal. en-us Wed, 06 Sep 2023 00:00:00 +0530 Thu, 28 Sep 2023 08:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443603 The High Court dismissed the Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the ITAT's order on the assessment of income based on alleged bogus purchases. The ITAT's decision to estimate the profit element in the bogus purchases at 12.5% was upheld, with the High Court finding no substantial questions of law warranting further consideration. The ITAT's approach in re-opening the assessment was criticized, leading to the dismissal of the Appeal. Case-Laws Income Tax Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443603