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2018 (8) TMI 1318 - HC - Income TaxEstimation of income - determination of gross profit rate (GP rate) - ITAT reduced the rate from 15% to 12% - enhanced addition made by ld. CIT(A) towards unaccounted stock - difference between the statement submitted by assessee to State Bank of Indore and the actual stock found - during investigation it was revealed that the assessee company and its sister concern had obtained bogus purchase bills from various entry providers who provided bogus sales bills without supplying the goods mentioned in the bills. Held that:- In our considered opinion, the tribunal while considering the matter has rightly observed that either the bills are mainpulated so as to increase stock or the sales has been reduced. - In that view of the matter, the view taken by the authorities is just and proper. Therefore, no substantial question of law arises. Appeals dismissed.
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