https://www.taxtmi.com/caselaws?id=187122 The ITAT held that treating the entire purchase amount as income without proper verification was against the law. The AO was directed to delete the addition of Rs. 3,97,63,022/- for bogus purchases and instead add Rs. 4,79,518/- as profit earned by the assessee. This adjustment was based on applying a gross profit rate of 1.50%, similar to the preceding year. The ITAT partially allowed the appeal, restricting the addition to Rs. 4,79,518/-. en-us Fri, 18 Dec 2009 00:00:00 +0530 Mon, 10 Oct 2016 17:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187122 The ITAT held that treating the entire purchase amount as income without proper verification was against the law. The AO was directed to delete the addition of Rs. 3,97,63,022/- for bogus purchases and instead add Rs. 4,79,518/- as profit earned by the assessee. This adjustment was based on applying a gross profit rate of 1.50%, similar to the preceding year. The ITAT partially allowed the appeal, restricting the addition to Rs. 4,79,518/-. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187122