The assessee has failed to place on record any material evidence to controvert the findings of the CIT(A). In this view of the matter, we uphold the order of the CIT(A) on this issue of bringing to tax in the assessee’s hands the profits embedded in the bogus purchase @ 12% of the purchase cost i.e. Rs. 5,15,377, since the direct one to one relationship/nexus between the said purchases and sales have not been established by the assessee.
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