2017 (4) TMI 1269

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..... case of CIT vs. Simit P Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] wherein restricting the addition to GP rate of 12.50% is approved. Accordingly I order and direct the Assessing Officer to restrict the disallowance to only 12.50% of the sum of ₹ 1,930/-. Accordingly, grounds raised by the assessee are partly allowed. - ITA No. 6055/M/2016 - - - Dated:- 26-4-2017 - D. Karunakara Rao .....

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..... 50% of ₹ 1,930/- will meet the ends of justice. Ld AR also submitted that similar additions are made in subsequent years without restricting the addition to GP rate of 12.50%. 4. On hearing both parties, I am of the opinion that making the entire bogus purchases as addition u/s 69C is no longer sustainable in law considering the the Bombay High Court Judgment in the case of Nikunj Eximp E .....

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