Income Tax Appellate Tribunal directs Assessing Officer to charge assessee at gross profit rate of 6.5% on bogus purchases
ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that “the assessee has taken bogus purchase bills without having taken any delivery of the goods”, without applying their mind.
