https://www.taxtmi.com/caselaws?id=460623 The Tribunal concluded that a 2% profit rate on the assessee's bogus purchases was appropriate, rather than the 12.5% rate applied by the CIT(A). This decision was based on the assessee's actual gross and net profit margins and aligned with legal precedents, particularly the CIT vs. Simit P. Sheth case. The Tribunal directed the Assessing Officer to apply this revised rate, thereby partially allowing the assessee's appeals. The ruling emphasized taxing only the profit element in bogus purchases, not the entire amount, ensuring a realistic assessment of taxable income. en-us Mon, 12 Jul 2021 00:00:00 +0530 Thu, 06 Feb 2025 18:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460623 The Tribunal concluded that a 2% profit rate on the assessee's bogus purchases was appropriate, rather than the 12.5% rate applied by the CIT(A). This decision was based on the assessee's actual gross and net profit margins and aligned with legal precedents, particularly the CIT vs. Simit P. Sheth case. The Tribunal directed the Assessing Officer to apply this revised rate, thereby partially allowing the assessee's appeals. The ruling emphasized taxing only the profit element in bogus purchases, not the entire amount, ensuring a realistic assessment of taxable income. Case-Laws Income Tax Mon, 12 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460623