https://www.taxtmi.com/caselaws?id=400222 The High Court remitted the matter of unverifiable purchases back to the AO. In the set-aside proceedings, the AO applied a GP rate of 30% and made an addition for cash purchases. The CIT(A) sustained the cash purchase addition but deleted the GP addition, stating that only one of the additions for bogus purchases and GP could be made. For AY 2003-04 and 2004-05, the AO was directed to apply a GP rate of 17% and delete the separate addition for unverifiable purchases. For AY 2008-09, the Tribunal upheld the application of a GP rate of 30%. en-us Tue, 27 Oct 2020 00:00:00 +0530 Sat, 31 Oct 2020 16:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400222 The High Court remitted the matter of unverifiable purchases back to the AO. In the set-aside proceedings, the AO applied a GP rate of 30% and made an addition for cash purchases. The CIT(A) sustained the cash purchase addition but deleted the GP addition, stating that only one of the additions for bogus purchases and GP could be made. For AY 2003-04 and 2004-05, the AO was directed to apply a GP rate of 17% and delete the separate addition for unverifiable purchases. For AY 2008-09, the Tribunal upheld the application of a GP rate of 30%. Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400222