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2019 (12) TMI 255 - AT - Income TaxEstimation of income - hawala transaction - Reduction of addition made on account of non–genuine purchases to 5% - assessment year 2007–08 - HELD THAT:- Undisputedly, though, the Assessing Officer had observed that the assessee was not able to prove the genuineness of purchases, however, ultimately, he has estimated profit on such purchases @ 20% for the purpose of making the addition - the learned Commissioner (Appeals) has restricted the addition to 5% of the non–genuine purchases. Appeal dismissed - decided against Revenue.
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