Court Rejects 83% Gross Profit Claim Due to Genuine Purchases from Bogus Parties; Sales Dependent on Purchases.

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....Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales - If the AO's version is accepted then the gross profit works out at 83 per cent. which is unbelievable and unimaginary as sales cannot be the profits - AT....