https://www.taxtmi.com/caselaws?id=459618 Where sales turnover is accepted but the genuineness of purchases is not conclusively proved, an addition based on alleged bogus purchases may need fair re-estimation rather than automatic confirmation of the earlier profit rate. In these facts, the 8% profit estimate was considered on the higher side, so the matter was remanded to the Assessing Officer for fresh adjudication in accordance with the governing principle for bogus purchase cases. The disputed addition was thus kept open and not finally affirmed. en-us Fri, 02 Jul 2021 00:00:00 +0530 Thu, 19 Dec 2024 19:36:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459618 Where sales turnover is accepted but the genuineness of purchases is not conclusively proved, an addition based on alleged bogus purchases may need fair re-estimation rather than automatic confirmation of the earlier profit rate. In these facts, the 8% profit estimate was considered on the higher side, so the matter was remanded to the Assessing Officer for fresh adjudication in accordance with the governing principle for bogus purchase cases. The disputed addition was thus kept open and not finally affirmed. Case-Laws Income Tax Fri, 02 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459618