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2016 (11) TMI 1400 - RAJASTHAN HIGH COURTBogus purchases - Held that:- Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax [2015 (4) TMI 1146 - SUPREME COURT] as held justification in disallowing 25% of the purchase price. We remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is genuine or not will be verified by the Assessing Officer on the basis of the aforesaid three judgments. The issues are answered accordingly. The appeal is accordingly disposed of.
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