High Court Upholds 12.5% Income Estimation for Bogus Purchases Linked to Hawala Traders and Stock Reconciliation.

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....Estimation of income - bogus purchases - A.O. has observed that respondent has purchased material from someone else while bogus bills were organized by these Hawala Traders. Therefore, at least to the extent even if it has been purchased from Hawala Traders the indisputable fact is that the purchases have been made and admittedly quantitative reconciliation of the stock was done by respondent of sale and purchase. - Estimation of income @12.5% sustained- HC....