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2020 (9) TMI 663 - AT - Income TaxEstimation of income - bogus purchases - HELD THAT:- We notice that assessee has already declared GP ratio of 9.68% and 14.63% from the purchases made from Pravesh Enterprises and Rajat Trading Company respectively and on an average, assessee has already declared 9.5% of GP. We are inclined to direct the AO to estimate the income @ 3% of the alleged purchases. Accordingly, we direct the AO to estimate the income of the assessee @ 3% of the alleged purchases.
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