https://www.taxtmi.com/caselaws?id=771391 The ITAT Ahmedabad allowed the assessee's appeal for statistical purposes in a case involving bogus purchases. The CIT(A) had estimated net profit at 12% on total turnover without providing specific findings justifying this rate, despite the assessee citing judicial precedents supporting 1-2% rates. The ITAT held that unverifiable purchases don't automatically constitute bogus transactions when sales/turnover figures remain undisputed. The matter was remanded to CIT(A) to provide specific findings on the rejection of books under Section 145(3) and determine the correct net profit rate considering the assessee's facts and relevant judicial precedents. en-us Thu, 22 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771391 The ITAT Ahmedabad allowed the assessee's appeal for statistical purposes in a case involving bogus purchases. The CIT(A) had estimated net profit at 12% on total turnover without providing specific findings justifying this rate, despite the assessee citing judicial precedents supporting 1-2% rates. The ITAT held that unverifiable purchases don't automatically constitute bogus transactions when sales/turnover figures remain undisputed. The matter was remanded to CIT(A) to provide specific findings on the rejection of books under Section 145(3) and determine the correct net profit rate considering the assessee's facts and relevant judicial precedents. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771391