Profit element involved in bogus purchases should be taxed

Dhanesh Mulji Gala Vs ITO (ITAT Mumbai)

Held: ITAT held that held that the profit element involved in the bogus purchases should be brought to tax and upheld the addition of estimated profit element of 12.50% of the value of non-genuine purchases.

Issue: – In the appeals filed by Shri Dhanesh Mulji Gala and M/s Dhanesh Trading Co, the common issue urged relates to the addition made on account of alleged bogus purchases.

The AO received inform

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