https://www.taxtmi.com/caselaws?id=181095 Seized production records, chemical analysis reports and a production engineer's statement justified rejection of the books under section 145(3) and a rational estimate of suppressed production, so additions were sustained only for the proved periods and reduced where the evidence did not support the full estimate. Purchases routed through an intermediary transporter arrangement were held non-genuine because surrounding circumstances and third-party evidence disproved their authenticity. By contrast, loss on conversion and sale of brass billets, same-day trading loss, and the scrap/dross shortfall were treated as genuine business losses, while deductions under sections 80HH and 80I were required to be computed independently from gross total income. en-us Fri, 30 Oct 2009 00:00:00 +0530 Thu, 07 Apr 2016 11:05:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181095 Seized production records, chemical analysis reports and a production engineer's statement justified rejection of the books under section 145(3) and a rational estimate of suppressed production, so additions were sustained only for the proved periods and reduced where the evidence did not support the full estimate. Purchases routed through an intermediary transporter arrangement were held non-genuine because surrounding circumstances and third-party evidence disproved their authenticity. By contrast, loss on conversion and sale of brass billets, same-day trading loss, and the scrap/dross shortfall were treated as genuine business losses, while deductions under sections 80HH and 80I were required to be computed independently from gross total income. Case-Laws Income Tax Fri, 30 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181095