Bogus Purchase Cases: Only Profit Element Taxable; 4% GP Addition Upheld

Ramayna Ispat Private Limited Vs DCIT (ITAT Delhi) Bogus Purchase Cases: Only Profit Element Taxable; 4% GP Addition Upheld on ₹5.79 Cr Purchases The Assessing Officer treated purchases of ₹5.79 crore as bogus accommodation entries and added the entire amount under section 69C, also invoking section 115BBE. In appeal, the CIT(A) agreed that the assessee could not fully substantiate the purchases from the named suppliers, indicating procurement from the grey market. However, since the corresponding sales were accepted and quantitative records existed, outright disallowance of the entire pur...