https://www.taxtmi.com/caselaws?id=766480 ITAT Pune partially allowed revenue's appeal in bogus purchases case. For purchases worth Rs. 13,80,63,994, tribunal applied 5% profit rate (consistent with preceding years) restricting addition to Rs. 69,03,200 instead of full amount. Unexplained money addition was deleted as director owned transactions personally during search. For unaccounted sales of Rs. 17,42,000, tribunal applied 5% profit rate adding Rs. 87,100. Regarding ambiguous seized documents showing "6kg/7kg" entries, tribunal made conservative addition of Rs. 1,30,000 considering subsequent retraction and lack of corroborative evidence. CIT(A) order modified accordingly. en-us Thu, 20 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766480 ITAT Pune partially allowed revenue's appeal in bogus purchases case. For purchases worth Rs. 13,80,63,994, tribunal applied 5% profit rate (consistent with preceding years) restricting addition to Rs. 69,03,200 instead of full amount. Unexplained money addition was deleted as director owned transactions personally during search. For unaccounted sales of Rs. 17,42,000, tribunal applied 5% profit rate adding Rs. 87,100. Regarding ambiguous seized documents showing "6kg/7kg" entries, tribunal made conservative addition of Rs. 1,30,000 considering subsequent retraction and lack of corroborative evidence. CIT(A) order modified accordingly. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766480