https://www.taxtmi.com/caselaws?id=330238 Where bogus purchase bills are found but the corresponding sales are accepted, the purchase value is not automatically taxable as unexplained income under sections 69 or 69A. Only the cash component retained by the accommodation bill provider can be treated as unexplained, here identified as 1% of the purchases. A further profit element may arise in grey market purchases, but it cannot be fixed on conjecture; the estimate of 10% was set aside because it lacked factual foundation. The matter was restored for fresh findings on stock position, capital deployment, and any gain from the arrangement. en-us Mon, 11 Jul 2016 00:00:00 +0530 Thu, 21 Jul 2016 10:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330238 Where bogus purchase bills are found but the corresponding sales are accepted, the purchase value is not automatically taxable as unexplained income under sections 69 or 69A. Only the cash component retained by the accommodation bill provider can be treated as unexplained, here identified as 1% of the purchases. A further profit element may arise in grey market purchases, but it cannot be fixed on conjecture; the estimate of 10% was set aside because it lacked factual foundation. The matter was restored for fresh findings on stock position, capital deployment, and any gain from the arrangement. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330238