https://www.taxtmi.com/caselaws?id=466860 Tribunal reviewed an assessing officer's estimated addition computed by applying a 12.5% profit rate to alleged bogus purchases and found the rate excessive given the assessee's ferrous/non ferrous metals business and documentary proof including payment records and VAT payment. The tribunal held that a downward adjustment was warranted to reflect a realistic estimate of profit attributable to the impugned purchases and directed the assessing officer to recompute taxable income using a reduced profit rate of 5%, resulting in partial allowance of the appeal in favour of the assessee. en-us Tue, 12 Feb 2019 00:00:00 +0530 Mon, 23 Feb 2026 19:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466860 Tribunal reviewed an assessing officer's estimated addition computed by applying a 12.5% profit rate to alleged bogus purchases and found the rate excessive given the assessee's ferrous/non ferrous metals business and documentary proof including payment records and VAT payment. The tribunal held that a downward adjustment was warranted to reflect a realistic estimate of profit attributable to the impugned purchases and directed the assessing officer to recompute taxable income using a reduced profit rate of 5%, resulting in partial allowance of the appeal in favour of the assessee. Case-Laws Income Tax Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466860