Addition for bogus purchases Limited to difference between Gross & Normal profit

Shri Pravin C. Bokadia Vs ITO (ITAT Mumbai)

The issue under consideration is whether CIT(A) is correct in enhancing the disallowance on account of bogus purchases to 100% as against 12.5% disallowance done by AO?

ITAT states that, AO has found that assessee has duly maintained the stock statement. The purchases are duly mentioned therein. Be as it may when learned CIT is giving a finding that assessee has not been able to tally the sales to the purchases and as per the lea

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