https://www.taxtmi.com/caselaws?id=763851 The Gujarat HC upheld the CIT(A) and Tribunal's orders regarding bogus purchase additions. The court found no infirmity in estimating profit at 7.5% on bogus purchases of waste paper from grey market, noting the Assessing Officer did not invoke Section 145 to reject books of account. Similar additions at 7.5% profit rate were confirmed for AY 2015-16. The estimation method was deemed appropriate and required no interference from the court. en-us Mon, 25 Nov 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763851 The Gujarat HC upheld the CIT(A) and Tribunal's orders regarding bogus purchase additions. The court found no infirmity in estimating profit at 7.5% on bogus purchases of waste paper from grey market, noting the Assessing Officer did not invoke Section 145 to reject books of account. Similar additions at 7.5% profit rate were confirmed for AY 2015-16. The estimation method was deemed appropriate and required no interference from the court. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763851