https://www.taxtmi.com/caselaws?id=334867 Where alleged bogus purchases are not fully proved, but the assessee shows payment by cheque and the goods are found to have been used in executing civil and electrical contracts, the addition need not equal the entire purchase value. The accepted past net profit rate and the lower current-year profit justified confining the adjustment to a reasonable estimated amount to bring results in line with earlier accepted margins. The full disallowance therefore did not survive, and only a partial addition based on profit estimation was sustained. en-us Wed, 09 Nov 2016 00:00:00 +0530 Tue, 07 Feb 2017 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334867 Where alleged bogus purchases are not fully proved, but the assessee shows payment by cheque and the goods are found to have been used in executing civil and electrical contracts, the addition need not equal the entire purchase value. The accepted past net profit rate and the lower current-year profit justified confining the adjustment to a reasonable estimated amount to bring results in line with earlier accepted margins. The full disallowance therefore did not survive, and only a partial addition based on profit estimation was sustained. Case-Laws Income Tax Wed, 09 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334867