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2023 (5) TMI 69 - AT - Income TaxEstimation of income - bogus purchases - HELD THAT:- As following the order passed in JK Surface Coatings [2021 (10) TMI 1323 - BOMBAY HIGH COURT] we are of the considered view that in the light of the gross profit earned by the assessee in the earlier years on the basis of which profit element was fixed at 6.5% of the alleged bogus purchases, we direct the AO to charge the assessee at the gross profit rate @ 6.5% on bogus purchases - Appeal filed by the assessee is partly allowed.
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