https://www.taxtmi.com/caselaws?id=346264 Where purchases were found bogus or unverifiable but the assessee's sales and overall business activity were not rejected, the profit element embedded in such purchases could be estimated on the facts. The appellate authority relied on the absence of verifiable purchase records, confirmations, transport documents, and supplier examination, together with gross profit comparisons, to sustain an addition at a reasonable percentage. That factual and legal approach was found sound, and restriction of the addition to 12.5% of the disputed purchases was upheld. en-us Tue, 18 Apr 2017 00:00:00 +0530 Tue, 08 Aug 2017 07:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346264 Where purchases were found bogus or unverifiable but the assessee's sales and overall business activity were not rejected, the profit element embedded in such purchases could be estimated on the facts. The appellate authority relied on the absence of verifiable purchase records, confirmations, transport documents, and supplier examination, together with gross profit comparisons, to sustain an addition at a reasonable percentage. That factual and legal approach was found sound, and restriction of the addition to 12.5% of the disputed purchases was upheld. Case-Laws Income Tax Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346264