https://www.taxtmi.com/caselaws?id=759876 ITAT Jaipur-AT partially allowed the assessee's appeal regarding bogus purchases addition. The tribunal rejected the revenue's proposal to add 25% of purchases and apply 6% GP rate against assessee's declared 4.91%. Following HC precedent in Clarity Gold case, the tribunal noted assessee's declared GP of 4.91% was higher than comparable cases (highest 4.37%). Since revenue failed to provide cases with higher GP rates, tribunal directed AO to adopt 5% GP rate, requiring addition of only 0.09% difference from assessee's declared rate. en-us Tue, 01 Oct 2024 00:00:00 +0530 Wed, 09 Oct 2024 10:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759876 ITAT Jaipur-AT partially allowed the assessee's appeal regarding bogus purchases addition. The tribunal rejected the revenue's proposal to add 25% of purchases and apply 6% GP rate against assessee's declared 4.91%. Following HC precedent in Clarity Gold case, the tribunal noted assessee's declared GP of 4.91% was higher than comparable cases (highest 4.37%). Since revenue failed to provide cases with higher GP rates, tribunal directed AO to adopt 5% GP rate, requiring addition of only 0.09% difference from assessee's declared rate. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759876