Income Tax | Bogus Purchases & Sales Cannot Justify Entire Purchase Addition; 5% GP Applied: Delhi ITAT

Delhi ITAT upholds reassessment based on survey information exposing bogus transactions, but restricts the addition on alleged bogus purchases by applying 5% gross profit on turnover and allowing credit for profit already disclosed. The post Bogus Purchases & Sales Cannot Justify Entire Purchase Addition; 5% GP Applied: Delhi ITAT appeared first on TaxGuru .