2020 (9) TMI 1287

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....ggrieved that the learned CIT-A has reduced the addition for bogus purchase of Rs. 1,71,828/- done @ 100% by Assessing Officer by sustaining only 12.5% vide order dated 12.3.2019 pertaining to A.Y. 2011-12. 2. The assessee in this case is engaged into job work and electroplating. The assessment was reopened upon information from sales tax department that assessee has made purchases from bogus d....

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....t petition no 2860, order dt. 18.6 .2014). In this case the honourable High Court has upheld hundred percent allowance for the purchases said to be bogus when sales are not doubted. However the facts of the present case indicate that assessee has made purchase from the grey market. Making purchases through the grey market gives the assessee savings on account of non-payment of tax and others at th....