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2018 (12) TMI 1393 - HC - Income TaxRejection of books of accounts - bogus purchases - N.P. determination - Held that:- It was the case of the respondent that all purchases were made by payment through Banks an opportunity to cross-examine sought by the respondent ought to have been given. This opportunity of cross-examination was not given only because the AO was running short of time to complete the account. It further holds that the net profit rate of 11 % the entire purchases made during the year was applied by the CIT (A) to determine the addition. Thus, the Tribunal restricted to only 11% out of the purchases of ₹ 3.09 crores made from the seven parties. This in view of the fact that consumption of goods is not denied/ disputed. We find the impugned order of the Tribunal has taken a view on facts which is possible view. It cannot be said to be perverse.
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