Court Considers Deducting Declared Gross Profit from Standard 12.5% Disallowance on Alleged Bogus Purchases in Tax Case.

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....Disallowance on account of bogus purchases - cogency in the submission of the assessee that the gross profit already shown by the assessee and offered to tax should be reduced from the standard 12.5% being directed to be disallowed on account of bogus purchase.....