Court Finds Allegations of Bogus Purchases Unsubstantiated; Adjusts Gross Profit Rate to Match Other Transactions.

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....Bogus purchases - profit estimation on alleged party @ 12.50% - no material to substantiate the view taken by the AO - comparing the GP rate on other purchases and overall G.P rate declared, it was held that assessee is operating on low margin, hence the rate of G.P should be at rate earned from other purchases....