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2017 (11) TMI 1234 - AT - Income TaxEstimating net profit margin of 12.5% in respect of bogus purchases - Held that:- After discussing various judicial pronouncements and applying the same to the facts of instant case, the CIT(A) reached to the conclusion that estimation of profit at 17.5% were meeting the end of justice, accordingly AO was directed to reduce 5% of average GP shown by assessee from the estimated profit of 17.5% of total bogus purchase. Accordingly, net addition sustained was to the tune of 12.5% of bogus purchases. The detailed finding so recorded by CIT(A) are as per material on record and the same was not controverted by learned DR by bringing any positive material on record. Accordingly, we do not find any infirmity in the order of CIT(A) for upholding the net addition of 12.5%. - Decided against revenue
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