https://www.taxtmi.com/caselaws?id=465299 ITAT upheld the CIT(A)'s rejection of the assessee's books and adoption of gross profit estimation at 5.83% on alleged bogus purchases, based on the assessee's historical G.P. ratios for AYs 2008-09 to 2013-14. It accepted that only the profit element embedded in unverifiable purchases was liable to addition, not the entire purchase value, in line with settled judicial principles on such issues. The Tribunal distinguished the precedent relied on by Revenue, where full disallowance had been made on materially different facts, and consequently dismissed Revenue's appeal. en-us Wed, 15 May 2019 00:00:00 +0530 Mon, 15 Dec 2025 19:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465299 ITAT upheld the CIT(A)'s rejection of the assessee's books and adoption of gross profit estimation at 5.83% on alleged bogus purchases, based on the assessee's historical G.P. ratios for AYs 2008-09 to 2013-14. It accepted that only the profit element embedded in unverifiable purchases was liable to addition, not the entire purchase value, in line with settled judicial principles on such issues. The Tribunal distinguished the precedent relied on by Revenue, where full disallowance had been made on materially different facts, and consequently dismissed Revenue's appeal. Case-Laws Income Tax Wed, 15 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465299