Tax Dispute: Commissioner Suggests Adjusting Estimated Gross Profit on Alleged Bogus Purchases from 17.5% to 12.5.

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....Estimation of profit - purchase from hawala operators - bogus purchases - CIT(A) estimated GP @ 17.5% on alleged bogus purchases as against 7.11% declared by the assessee - if GP is estimated to tune of 12.5% of the purchases from these alleged hawala operators which will cover any leakage of Revenue by way of VAT, commission etc. - AT....