https://www.taxtmi.com/highlights?id=64740 Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such transaction, to avoid the possibility of revenue leakage, is to be disallowed, and not the substantial part of the transaction. No doubt the assessee has shown extremely low G.P yet the disallowance at rate of 12.5% is on higher side. - restricted the addition of similar bogus/ impugned purchase to the extent of 6% - AT en-us Fri, 22 Jul 2022 18:05:14 +0530 Fri, 22 Jul 2022 18:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64740 Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such transaction, to avoid the possibility of revenue leakage, is to be disallowed, and not the substantial part of the transaction. No doubt the assessee has shown extremely low G.P yet the disallowance at rate of 12.5% is on higher side. - restricted the addition of similar bogus/ impugned purchase to the extent of 6% - AT Highlights Income Tax Fri, 22 Jul 2022 18:05:14 +0530 https://www.taxtmi.com/highlights?id=64740