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2017 (11) TMI 1134 - AT - Income Tax
Addition on account of bogus purchases - estimation of profit - Held that:- The assessee could not produce the necessary details like delivery of challans, etc.. As per the Revenue, at the same time, the assessee did not produce the evidence of genuine purchase, therefore, considering the material facts, we have no option but to estimate the profit. It will meet the end of justice and to put an end to the litigation, if the disallowance is restricted to @ 20% (as agreed by the ld. counsel for the assessee) of the bogus purchases. It will the safeguard the interest of Revenue and will cover the leakage of revenue. Accordingly, the appeal of the assessee is partly allowed.