Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that  two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has furnished certain evidences in the form of purchase order, purchase bill, delivery challan, consignment note and payment details to prove the purchases. The assessee also furnished complete details of quantitative stock statement and argued that there is no difference in stock details. Though the asses...