Dismissing the appeal of the revenue the Court held that the Tribunal is justified in restricting addition on account of alleged bogus purchases to 25 per cent. Followed Vijay proteins Ltd v CIT (2015) 58 taxmann.com 44 (Guj) (HC) ,Sanjay Oilcake Industries v. CIT (2009) 316 ITR 274 (Guj) (HC). (AY.1993-94)
PCIT v. Synbiotics Ltd. (2019) 265 Taxman 34 (Mag.) (Guj.)(HC)
S. 69C : Unexplained expenditure–Bogus purchases-Tribunal is justified in restricting addition on account of alleged bogus purchases to 25 per cent.