Court Rules Only Net Profit Addition Permissible in Bogus Purchases Case; 6% Rate Applied on Disputed Purchases.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bogus purchases - entire addition cannot be made. The only addition which can be made is only NP addition. In the instant case, the assessee has shown NP rate of 1.62% of total turnover. - AO directed to apply Net profit on above purchases at the rate of 6% - AT....