No Evidence to Prove Bogus Purchase, Addition on Account of Estimated Gross Profit not permissible: ITAT [Read Order]

Evidence - bogus purchase - Estimated Gross Profit - Gross Profit - ITAT - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that addition on account of estimated gross profit is not permissible in the absence of evidence to prove a bogus purchase. The allegation against the assessee is that there was one-to-one nexus between the purchase and sale of goods. The complete bill-wise quantitative…

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