https://www.taxtmi.com/caselaws?id=756985 The ITAT Kolkata held that the AO's addition of entire bogus purchases under section 69C was unsustainable in a bullion trading case. The assessee demonstrated a GP rate of 0.13% on sales, arguing that bullion trading cannot exceed 0.15% GP due to market-regulated daily prices. The tribunal accepted that treating purchases as bogus would result in an unrealistic 26% GP rate, impossible in precious metals trading. The ITAT directed the AO to apply 0.15% GP rate on disputed purchases instead of adding the entire amount, partially allowing the assessee's appeal. en-us Fri, 09 Aug 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756985 The ITAT Kolkata held that the AO's addition of entire bogus purchases under section 69C was unsustainable in a bullion trading case. The assessee demonstrated a GP rate of 0.13% on sales, arguing that bullion trading cannot exceed 0.15% GP due to market-regulated daily prices. The tribunal accepted that treating purchases as bogus would result in an unrealistic 26% GP rate, impossible in precious metals trading. The ITAT directed the AO to apply 0.15% GP rate on disputed purchases instead of adding the entire amount, partially allowing the assessee's appeal. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756985