Income Tax Case: Assessee Faces Additions u/ss 68 and 69C for Unverified Sundry Creditors, 16% Gross Profit Rate Applied.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases from parties who are not maintaining proper records or who have made adverse statements and, therefore, the assessee cannot be equated with another assessee who is maintaining records meticulously and not making purchase from grey market. - adoption of GP rate of 16% on such unsubstantiated purchases from the six creditors will meet the ends of justice. - AT....