https://www.taxtmi.com/highlights?id=60907 Estimation of income - Bogus purchases - The assessee is engaged in reselling of ferrous and non-ferrous metals and in such circumstances we have to apply profit rate suitable to the trade. In this nature of business, i.e. reselling of ferrous and non-ferrous metals, VAT is at 5% and assessee might have made purchases from the grey market for which assessee might have saved some element of profit. Hence, we estimate the profit rate at 5% of the bogus purchases - AT en-us Mon, 13 Dec 2021 10:26:19 +0530 Mon, 13 Dec 2021 10:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60907 Estimation of income - Bogus purchases - The assessee is engaged in reselling of ferrous and non-ferrous metals and in such circumstances we have to apply profit rate suitable to the trade. In this nature of business, i.e. reselling of ferrous and non-ferrous metals, VAT is at 5% and assessee might have made purchases from the grey market for which assessee might have saved some element of profit. Hence, we estimate the profit rate at 5% of the bogus purchases - AT Highlights Income Tax Mon, 13 Dec 2021 10:26:19 +0530 https://www.taxtmi.com/highlights?id=60907