https://www.taxtmi.com/caselaws?id=285791 Alleged bogus purchases are generally not taxed at the full purchase value where sales or consumption are otherwise accepted; the embedded profit element is the proper basis for addition, so the matter may be remitted for recomputation on a gross profit basis. Alleged on-money in flat and shop sales cannot be sustained merely because different buyers paid different rates unless there is cogent evidence of unrecorded consideration; for builder stock-in-trade, the stamp duty value deeming provision was noted as inapplicable to the assessment year concerned. On that footing, the rate-difference addition was deleted. en-us Thu, 27 Jun 2019 00:00:00 +0530 Mon, 27 Jan 2020 05:22:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285791 Alleged bogus purchases are generally not taxed at the full purchase value where sales or consumption are otherwise accepted; the embedded profit element is the proper basis for addition, so the matter may be remitted for recomputation on a gross profit basis. Alleged on-money in flat and shop sales cannot be sustained merely because different buyers paid different rates unless there is cogent evidence of unrecorded consideration; for builder stock-in-trade, the stamp duty value deeming provision was noted as inapplicable to the assessment year concerned. On that footing, the rate-difference addition was deleted. Case-Laws Income Tax Thu, 27 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285791