https://www.taxtmi.com/highlights?id=30348 Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales - If the AO's version is accepted then the gross profit works out at 83 per cent. which is unbelievable and unimaginary as sales cannot be the profits - AT en-us Mon, 18 Jul 2016 11:15:42 +0530 Mon, 18 Jul 2016 11:15:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=30348 Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales - If the AO's version is accepted then the gross profit works out at 83 per cent. which is unbelievable and unimaginary as sales cannot be the profits - AT Highlights Income Tax Mon, 18 Jul 2016 11:15:42 +0530 https://www.taxtmi.com/highlights?id=30348