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2018 (7) TMI 1474 - AT - Income TaxAddition u/s 69C - method for determination of addition u/s 69C towards bogus purchases - Held that:- Considering the facts and circumstances of the case and also consistent with the view taken by the co-ordinate bench in number of cases, we deem it appropriate to direct the AO to estimate 12.5% net profit on alleged bogus purchases including 2% net profit already estimated by the AO. Accordingly, we direct the AO to delete addition made towards peak amount of bogus purchases and direct him to estimate 12.5% net profit on total alleged bogus purchases.
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