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2023 (6) TMI 720 - AT - Income TaxEstimation of income - bogus purchases - HELD THAT:- Due to complete lack of response from the seller, the authenticity of source of purchase could not be fully established, however, it can be said that assessee might have purchased the goods from unverified source to suppress its profit. The entire purchase cannot be treated as income of the assessee but only the profit element embedded in such purchases can be considered for addition. Direct AO to restrict the addition by estimating profit at 7% of the alleged bogus purchase - Decided partly in favour of assessee.
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