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2019 (4) TMI 1858 - AT - Income TaxBogus purchases - profit percentage of 12.5% confirmed - HELD THAT:- The appellant has explained the consumption of the raw material purchase. The Gross Profit &. Net Profit ratios shown by it during the years under dispute are also normal. The profits have in fact improved in these two years. It is also noted from the copies of account furnished by the appellant that there have been regular purchases and payments in the accounts of above suppliers therefore, there is enough rotation of funds. Considering overall facts and circumstances of the case, it would be appropriate to apply a profit percentage of 12.5% its approved in BHOLANATH POLY FAB PVT LTD. [2013 (10) TMI 933 - GUJARAT HIGH COURT] on the bogus purchases made by the appellant during each year. - Order passed by CIT(A) confirmed.
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