https://www.taxtmi.com/caselaws?id=284770 Where purchases are recorded in the books and sales are accepted, an estimated addition for notional initial investment is not justified because the case is not of unrecorded trading outside the books. However, the profit element embedded in inflated or bogus purchase entries may still be brought to tax. On these facts, the addition for initial investment was deleted, while the addition for gross profit was sustained. en-us Wed, 29 Aug 2012 00:00:00 +0530 Tue, 10 Dec 2019 12:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284770 Where purchases are recorded in the books and sales are accepted, an estimated addition for notional initial investment is not justified because the case is not of unrecorded trading outside the books. However, the profit element embedded in inflated or bogus purchase entries may still be brought to tax. On these facts, the addition for initial investment was deleted, while the addition for gross profit was sustained. Case-Laws Income Tax Wed, 29 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284770