https://www.taxtmi.com/caselaws?id=388404 Bogus purchases were treated as non-genuine on Sales Tax material and lack of proof of delivery and transport, but the corresponding sales were not disputed and the stock and turnover position indicated real business activity. On that basis, the entire purchase value was not added as income; only the profit element embedded in the impugned purchases was taxable. The 12.5% estimation of disallowance was found consistent with the approach used in similar matters, and the Revenue's challenge was rejected. en-us Thu, 07 Nov 2019 00:00:00 +0530 Thu, 14 Nov 2019 18:03:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388404 Bogus purchases were treated as non-genuine on Sales Tax material and lack of proof of delivery and transport, but the corresponding sales were not disputed and the stock and turnover position indicated real business activity. On that basis, the entire purchase value was not added as income; only the profit element embedded in the impugned purchases was taxable. The 12.5% estimation of disallowance was found consistent with the approach used in similar matters, and the Revenue's challenge was rejected. Case-Laws Income Tax Thu, 07 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388404