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2020 (4) TMI 561 - AT - Income TaxEstimation of income - bogus purchases - disallowance of 12.5% of the purchases by AO - CIT(A) had reduced the disallowance to the extent of 3.75% - HELD THAT:- In the given case, assessee is a dealer in various types of iron steel products, therefore we cannot standardize the profits among various types of steel industries. Thus, we are inclined to reject the contentions of Ld. AR. Accordingly, we direct the AO to disallow 9.53% (i.e. 12.5% - 2.97%). Therefore, grounds raised by the revenue are partly allowed.
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