Assessee Suspected of Grey Market Purchases, Faces 5% Profit Margin Estimation Due to Lack of Expense Evidence.

Bogus purchases - the assessee could not produce the transportation evidences or expenditure incurred on account of transportation in regard to these purchases. - the assessee might have purchases from grey market and also saved VAT. Hence, a reasonable profit on these bogus bills can be estimated, as 5% - AT .....

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