https://www.taxtmi.com/caselaws?id=398500 The Tribunal upheld the Assessing Officer's decision regarding the bogus purchases made by the assessee from Maximus Gems and Surya Diam, confirming the addition of 25% of such purchases. The rejection of books of accounts under section 145(3) was upheld due to unverified and unsubstantiated purchases. The Tribunal directed a best judgment assessment emphasizing the importance of proving transaction legitimacy and maintaining reliable books of accounts, requiring a fair estimate of income based on relevant material. en-us Fri, 11 Sep 2020 00:00:00 +0530 Thu, 17 Sep 2020 18:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398500 The Tribunal upheld the Assessing Officer's decision regarding the bogus purchases made by the assessee from Maximus Gems and Surya Diam, confirming the addition of 25% of such purchases. The rejection of books of accounts under section 145(3) was upheld due to unverified and unsubstantiated purchases. The Tribunal directed a best judgment assessment emphasizing the importance of proving transaction legitimacy and maintaining reliable books of accounts, requiring a fair estimate of income based on relevant material. Case-Laws Income Tax Fri, 11 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398500