https://www.taxtmi.com/caselaws?id=391531 Where alleged bogus purchases are not accompanied by disturbance of sales or quantity tally, the addition may be confined to a reasonable estimate of the profit element embedded in those purchases. The Tribunal accepted banking payments, trading results, declared profit rate and quantity records, and restricted the disallowance to 5% over and above the declared profit as a plausible estimate. The High Court found no perversity in that approach and declined interference under section 260A, thereby sustaining the estimated disallowance and rejecting the Revenue's appeal. en-us Mon, 20 Jan 2020 00:00:00 +0530 Fri, 31 Jan 2020 10:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391531 Where alleged bogus purchases are not accompanied by disturbance of sales or quantity tally, the addition may be confined to a reasonable estimate of the profit element embedded in those purchases. The Tribunal accepted banking payments, trading results, declared profit rate and quantity records, and restricted the disallowance to 5% over and above the declared profit as a plausible estimate. The High Court found no perversity in that approach and declined interference under section 260A, thereby sustaining the estimated disallowance and rejecting the Revenue's appeal. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391531