https://www.taxtmi.com/caselaws?id=286699 Alleged bogus purchases were treated as only partially unverifiable where the Assessing Officer had made a full disallowance but had not identified specific defects in the supporting documents or disputed the corresponding job-work receipts. The first appellate authority held that the business activity could not have been carried on without some material consumption and therefore restricted the addition to the embedded profit element by estimating it at 17.5%. The objection relating to admission of additional evidence was not independently substantiated and did not survive for separate adjudication. The estimate of 17.5% on the impugned purchases was upheld and the full disallowance was not sustained. en-us Wed, 21 Sep 2016 00:00:00 +0530 Thu, 14 Nov 2024 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286699 Alleged bogus purchases were treated as only partially unverifiable where the Assessing Officer had made a full disallowance but had not identified specific defects in the supporting documents or disputed the corresponding job-work receipts. The first appellate authority held that the business activity could not have been carried on without some material consumption and therefore restricted the addition to the embedded profit element by estimating it at 17.5%. The objection relating to admission of additional evidence was not independently substantiated and did not survive for separate adjudication. The estimate of 17.5% on the impugned purchases was upheld and the full disallowance was not sustained. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286699