Gross Profit Rate of 5% against 0.69% Made on Addition of Bogus Purchase is too High: Bombay HC Remands Matter to ITAT [Read Order]

By Yogitha S. Yogesh - On July 20, 2023 1:00 pm - 2 mins read

Gross Profit -Gross Profit Rate of 5% against 0.69%- Addition of Bogus Purchase - Addition of Bogus Purchase is too High - Bombay High Court

The Bombay High Court has held that the gross profit rate of 5% against 0.69% made on the addition of bogus purchases is too high and remanded the matter to Income Tax Appellate Tribunal (ITAT) to adjudicate it. Nitin Ramdeoji Lohia, the Respondent assessee is engaged in the business of trading in industrial oil and…

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