Tribunal held that in respect of purchase of alleged bogus purchases from hawala dealers only 12.5% of purchases is to be brought to tax which is embedded in purchases. (AY. 2009-10, 2010-11)
Shantilal B. Parekh v. ITO (2019) 70 ITR 193 (Mum.)(Trib.)
S. 69C : Income from undisclosed sources—Bogus purchases—Hawala dealers-12.5 Per ent. of purchases to be brought to tax which is embedded in purchases.[S. 37(1)]