https://www.taxtmi.com/caselaws?id=461910 In a dispute over alleged bogus purchases, the tribunal applied a gross profit estimation approach and reduced the disallowance from 12.5% to 5% having regard to the assessee's ferrous articles and comparable decisions in similar trade. The Assessing Officer was directed to verify whether the disputed purchases had already been reflected in the profit and loss account and, if so, to recompute income accordingly; otherwise, the addition as sustained by the appellate authority would continue. The relief was therefore limited to the extent of the 5% estimate, subject to verification of the accounting treatment. en-us Thu, 12 Dec 2024 00:00:00 +0530 Wed, 07 May 2025 18:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461910 In a dispute over alleged bogus purchases, the tribunal applied a gross profit estimation approach and reduced the disallowance from 12.5% to 5% having regard to the assessee's ferrous articles and comparable decisions in similar trade. The Assessing Officer was directed to verify whether the disputed purchases had already been reflected in the profit and loss account and, if so, to recompute income accordingly; otherwise, the addition as sustained by the appellate authority would continue. The relief was therefore limited to the extent of the 5% estimate, subject to verification of the accounting treatment. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461910