CIT(A) Upholds Profit Estimation Method, Reduces Alleged Bogus Purchases Profit Rate to 3% Considering Industry Nature.

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....Additions towards alleged bogus purchases - CIT(A) has taken one of the possible method for estimation of profit to settle dispute between the parties and also considering nature of industry and BEP rate has scaled down profit estimated by the AO to 3% on alleged bogus purchases. - Order of CIT(A) sustained.....