https://www.taxtmi.com/caselaws?id=234432 The case involved a dispute over the disallowance of unsupported purchases in income tax assessment. The Tribunal reduced the addition to Rs. 18.42 lakhs, dismissing the Revenue's appeal. The purchases were deemed to be from undisclosed sources, and only the profit element was added to the income. The Tribunal estimated the profit element at 12.5%, which the High Court upheld, emphasizing the reasonableness of such estimations. The judgment emphasized making reasonable estimations based on the nature of purchases, ultimately ruling in favor of the assessee and dismissing the tax appeal. en-us Mon, 28 Jan 2013 00:00:00 +0530 Mon, 08 Jun 2026 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234432 The case involved a dispute over the disallowance of unsupported purchases in income tax assessment. The Tribunal reduced the addition to Rs. 18.42 lakhs, dismissing the Revenue's appeal. The purchases were deemed to be from undisclosed sources, and only the profit element was added to the income. The Tribunal estimated the profit element at 12.5%, which the High Court upheld, emphasizing the reasonableness of such estimations. The judgment emphasized making reasonable estimations based on the nature of purchases, ultimately ruling in favor of the assessee and dismissing the tax appeal. Case-Laws Income Tax Mon, 28 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234432