https://www.taxtmi.com/caselaws?id=761927 ITAT Hyderabad held that where assessee made purchases after verifying suppliers' GST registration bonafides and related sales were accepted, entire bogus purchase amount cannot be added to returned income. Only profit percentage embedded in tainted purchases should be added as additional income. Tribunal determined 10% profit margin on bogus purchases as appropriate addition over already declared profits. Revenue's appeal dismissed with partial deletion of addition. en-us Fri, 18 Oct 2024 00:00:00 +0530 Wed, 20 Nov 2024 08:47:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761927 ITAT Hyderabad held that where assessee made purchases after verifying suppliers' GST registration bonafides and related sales were accepted, entire bogus purchase amount cannot be added to returned income. Only profit percentage embedded in tainted purchases should be added as additional income. Tribunal determined 10% profit margin on bogus purchases as appropriate addition over already declared profits. Revenue's appeal dismissed with partial deletion of addition. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761927