https://www.taxtmi.com/caselaws?id=461700 The ITAT Mumbai upheld the CIT(A)'s decision to apply 8% gross profit rate on bogus purchases made by a gems and jewellery trader. The assessee had declared 5.4% gross profit but was involved in hawala/bogus purchases which could not be justified as genuine. The ITAT rejected both the assessee's request to reduce the rate to 6% and the department's proposal to increase it to 12.5%, finding 8% reasonable given the nature of the business and the assessee's involvement in non-genuine transactions. The appeal was dismissed. en-us Thu, 27 Dec 2018 00:00:00 +0530 Tue, 22 Apr 2025 19:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461700 The ITAT Mumbai upheld the CIT(A)'s decision to apply 8% gross profit rate on bogus purchases made by a gems and jewellery trader. The assessee had declared 5.4% gross profit but was involved in hawala/bogus purchases which could not be justified as genuine. The ITAT rejected both the assessee's request to reduce the rate to 6% and the department's proposal to increase it to 12.5%, finding 8% reasonable given the nature of the business and the assessee's involvement in non-genuine transactions. The appeal was dismissed. Case-Laws Income Tax Thu, 27 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461700