https://www.taxtmi.com/highlights?id=75020 Estimation of income - bogus purchases - The Revenue argued that when purchases are proven bogus, the entire amount should be added to the income. However, the court cited precedents and upheld the ITAT's decision, stating that the factual finding of 8% as a fair profit margin was reasonable and in line with established legal principles. en-us Mon, 19 Feb 2024 15:41:47 +0530 Mon, 19 Feb 2024 15:41:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75020 Estimation of income - bogus purchases - The Revenue argued that when purchases are proven bogus, the entire amount should be added to the income. However, the court cited precedents and upheld the ITAT's decision, stating that the factual finding of 8% as a fair profit margin was reasonable and in line with established legal principles. Highlights Income Tax Mon, 19 Feb 2024 15:41:47 +0530 https://www.taxtmi.com/highlights?id=75020