https://www.taxtmi.com/caselaws?id=464889 ITAT upheld the finding that the assessee's purchases were bogus, noting failure to produce transport documents, proof of movement of goods, or a stock register. The Tribunal found no infirmity in applying an estimated profit rate of 12.5% on such purchases but directed the AO to grant credit for profit already embedded in disclosed sales corresponding to these purchases. The assessee must furnish the relevant year's profit rate, and the AO will recompute income after allowing such credit. In another year, due to lack of credible evidence, an 8% profit rate on purchases was upheld. The assessee's appeals were partly allowed for statistical purposes. en-us Wed, 03 May 2017 00:00:00 +0530 Thu, 20 Nov 2025 13:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464889 ITAT upheld the finding that the assessee's purchases were bogus, noting failure to produce transport documents, proof of movement of goods, or a stock register. The Tribunal found no infirmity in applying an estimated profit rate of 12.5% on such purchases but directed the AO to grant credit for profit already embedded in disclosed sales corresponding to these purchases. The assessee must furnish the relevant year's profit rate, and the AO will recompute income after allowing such credit. In another year, due to lack of credible evidence, an 8% profit rate on purchases was upheld. The assessee's appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464889