https://www.taxtmi.com/caselaws?id=769527 ITAT Delhi ruled in favor of the assessee regarding additions made for bogus purchases and profit estimation on sales. The tribunal found no evidence of grey market sales at premium rates, rejecting AO's 8% addition (reduced to 2% by CIT(A)) on three sales transactions. Purchase from Bombay Gold Lab was held genuine as the party responded to section 133(6) notices and provided required details. The tribunal deleted the 1% addition made by CIT(A) treating it as accommodation entry, concluding that once sales from disputed purchases were accepted and books weren't rejected, purchases couldn't be doubted. All additions were deleted. en-us Wed, 23 Apr 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769527 ITAT Delhi ruled in favor of the assessee regarding additions made for bogus purchases and profit estimation on sales. The tribunal found no evidence of grey market sales at premium rates, rejecting AO's 8% addition (reduced to 2% by CIT(A)) on three sales transactions. Purchase from Bombay Gold Lab was held genuine as the party responded to section 133(6) notices and provided required details. The tribunal deleted the 1% addition made by CIT(A) treating it as accommodation entry, concluding that once sales from disputed purchases were accepted and books weren't rejected, purchases couldn't be doubted. All additions were deleted. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769527