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of <h1>Gujarat HC reviews IT assessment, questions 25% addition on alleged bogus purchases.</h1> <h3>N.K. INDUSTRIES LTD. Versus DY. C.I.T.</h3> The Gujarat HC admitted the appeal for consideration regarding alleged bogus purchases in income tax assessment, questioning the justification of ... - The Gujarat High Court heard an appeal regarding alleged bogus purchases in income tax assessment. The main question was whether the Income-tax Appellate Tribunal was justified in retaining the addition of 25% of total purchases amounting to Rs. 73,23,322 out of Rs. 2,92,93,288. The Court admitted the appeal for consideration.
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