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2018 (6) TMI 504 - AT - Income TaxDisallowance considering bogus purchases - bogus purchases/ receiving hawala bill - Held that:- Once, the sales are not doubted it is presumed that the assessee might have made purchases from grey market and obtained these bogus bills to save on account of VAT and purchases from grey market are made at a lower rate - thus following the judgement in case of assessee’s sister concern in the case of DCIT vs. Laboratories Griffon Pvt. Ltd. [2018 (4) TMI 709 - ITAT KOLKATA] the profit rate of 30% will meet the end of justice - appeals of assessee are partly allowed.
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