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2019 (1) TMI 1952 - AT - Income TaxGP estimation on bogus purchases - HELD THAT:- We found that assessee has already disclosed GP of 23%, 20% in the A.Y.2010-11 and 2011-12 under consideration. Assessee had also filed quantitative details of purchases and sales before the lower authorities. Considering the various judicial pronouncements placed on record, vis-à-vis GP rate declared by the assessee, we direct the AO to restrict the disallowance to the extent of 5% of alleged bogus purchases.
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