For some bogus transactions Entire purchase can’t be disallowed

ACIT Vs Shri Pankaj Sancheti (ITAT Indore) The issue under consideration is whether the CIT(A) is correct in restricting the addition u/s 69C for bogus purchases to 12.5% against the total purchase disallowance made by AO? ITAT states that on examining the facts of the instant appeal, the books of accounts regularly maintained by the assessee including quantitative details have not been rejected by the Ld. A.O u/s 143 of the Act except the alleged purchases. No other major discrepancy have been noticed in the books. Books of accounts are duly audited. Sales made by the assessee are not in disp...