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2018 (5) TMI 351 - AT - Income TaxBogus purchases - disallowance of 25% out of hawala purchases should be done said by CIT-A - Held that:- Assessee has engaged into dealings in the grey market. Dealings in the grey market give the assessee various savings at the expense of the Exchequer. Hence, on the overall consideration of facts and circumstances and following the decision in the case of CIT vs Simit P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] we hold that a disallowance of 12.5% of the bogus purchase would meet the end of justice - Decided partly in favour of assessee
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