https://www.taxtmi.com/caselaws?id=757165 The Tribunal partially allowed the appeal, directing the AO to reassess the issue by taxing only the profit embedded in the bogus purchases, using the net profit ratio. The Tribunal upheld the reopening of the assessment, finding sufficient material evidence, and dismissed the necessity for cross-examination as the purchases' genuineness was unproven. The case was remanded to the AO for further examination following these directions. Some grounds of the appeal were dismissed, while others were partly allowed. en-us Mon, 29 Jul 2024 00:00:00 +0530 Fri, 16 Aug 2024 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757165 The Tribunal partially allowed the appeal, directing the AO to reassess the issue by taxing only the profit embedded in the bogus purchases, using the net profit ratio. The Tribunal upheld the reopening of the assessment, finding sufficient material evidence, and dismissed the necessity for cross-examination as the purchases' genuineness was unproven. The case was remanded to the AO for further examination following these directions. Some grounds of the appeal were dismissed, while others were partly allowed. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757165