Bogus purchases addition directed due to non-response to notices u/s. 133(6) and summons u/s. 131

DCIT Vs Metarolls Ispat Pvt. Ltd (ITAT Pune) ITAT Pune held that addition towards bogus purchases adopting profit rate of 5% is justifiable since suppliers neither responded to notices issued u/s. 133(6) nor appeared before AO in response to summons issued u/s. 131. Facts- The assessee is a company engaged in business of manufacturing of steel products such as MS Billets & TMT Bars. During course of search, AO observed that assessee is involved in purchasing from entities which were engaged in providing accommodation entries. Accordingly, AO issued notice u/s. 133(6) to three alleged suppl...