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2016 (7) TMI 112 - HC - Income TaxAddition of profit margins on alleged unaccounted sales - disallowance of bogus purchase - Held that:- As decided in Sanjay Oil Cake Industries v. Commissioner of Incometax [2008 (3) TMI 323 - GUJARAT HIGH COURT ] though the purchases are shown to have been made by making payment thereof by Account Payee Cheques, the cheques have been deposited in Bank Accounts ostensibly in the name of the apparent sellers, thereafter entire amounts have been withdrawn by bearer cheques and there is no trace or identity of the person withdrawing the amount from the bank Accounts – decided in favor of revenue.
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