Gujarat HC Upholds 5% Bogus Purchase Addition for Lack of Independent Enquiry

PCIT 1 Vs Jigisha Satishkumar Mehta (Gujarat High Court) Revenue Appeal Dismissed as AO Failed to Independently Verify Alleged Bogus Purchases; Entire Bogus Purchase Addition Rejected Because AO Relied Only on Sales Tax Information; Gujarat High Court Distinguishes N.K. Industries, Upholds Estimated Bogus Purchase Addition; No Substantial Question of Law in 5% Bogus Purchase Addition; 5% Addition Sustained as Documentary Evidence Supported Purchases Despite Bogus Billing Allegation; Gujarat High Court Refuses Full Addition Where Bogus Purchases Were Not Independently Established; Concurrent F...