High Court Dismisses Revenue's Appeal; ITAT Limits Bogus Purchase Additions to 12.5% Due to Lack of Evidence.

Estimation of income on Bogus purchases - scam was unearthed by the Sales Tax Department in respect of bogus parties who provided accommodation entries - ITAT confirmed the order of CIT(A) restricting the addition to 12.5% of the purchases - There is nothing to indicate whether the profit element should be more than 12.5%. - Revenue appeal dismissed - HC .....

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