Addition in bogus purchase transaction reduced on pro-rata basis

Ravi Kedia Vs ITO (ITAT Raipur) Accordingly, on the basis of my aforesaid observations the matter is restored to the file of the A.O. ITAT Raipur held that addition in case of bogus purchase transaction restricted to the extent of the difference between the gross profit of genuine purchases transactions and gross profit of bogus purchases transactions. Facts- On the basis of information that had surfaced in the course of survey action u/s. 133A of the Act conducted at the business premises of five rice millers a/w. two brokers on 15.03.2016, it was gathered by the A.O that the assessee as a be...