2017 (10) TMI 730

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..... n by adopting the net profit rate of 2% on the basis that in similar trade in the region, the profit rate worked out is 0.5% to 0.75%. The assessee has disclosed profit ratio of 1.10%. The Commissioner of Income Tax (Appeals) increased it to 2%. This view of the Commissioner of Income Tax (Appeals) was confirmed by the Tribunal. No substantial question of law. - TAX APPEAL NO. 715 of 2017, TAX AP .....

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..... 292 CTR 354 (Gujarat)] has upheld the 100% disallowance on the bogus purchases and wherein it is held that taxing only the certain percentage of the bogus purchases goes against the principles of Sections 68 and 69C of the Income Tax Act? 3. Facts on record would show that certain purchase of the assessee would found to be bogus, upon which, the Assessing Officer made addition on the entire .....

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