Addition towards unaccounted purchases restricted to 12.5% instead of 25%: ITAT Surat

Shamkant Gajmal Desale Vs ITO (ITAT Surat) ITAT Surat held that disallowance of unaccounted purchases restricted to 12.5% of purchases instead of 25% as held by CIT(A). Accordingly, addition towards unaccounted purchases restricted. Facts- The assessee filed his return of income on 08.12.2008, declaring total income at Rs.1,05,387/- for AY.2008-09. AO issued statutory notices u/s 143(2) and 142(1), but the assessee did not furnish any reply. Subsequently, AO issued show cause notice asking assessee as to why the assessment order should not be completed u/s 144 of the Act and why the purchases ...