Allegation Bogus Purchase: ITAT confirms Gross profit at 12 .5% as Sales are not Disputed [Read Order]

The Tribunal observed that the assessee has failed to rebut the statement of Rajesh Doshi by any documentary evidence before the lower authorities or before the Tribunal.
Allegation Bogus Purchase - ITAT - ITAT mumbai - Income Tax - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal( ITAT) confirmed the addition made by Income Tax Authorities on the gross profit margin @ 12.5% on the alleged bogus purchase by the assessee. The Tribunal observed that the assessee has failed to rebut the statement of Rajesh Doshi by any documentary evidence before the lower…

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