https://www.taxtmi.com/caselaws?id=399579 Where sales are not disputed and purchase evidence is otherwise available, only the profit element embedded in unverifiable or grey-market purchases can be added, so the disallowance was restricted to 10% of the bogus purchases. Where contract receipts in Form 26AS did not match the assessee's books, a mere assertion of error was insufficient and the mismatch had to be verified on facts; the matter was remanded to the Assessing Officer for fresh examination with an opportunity of hearing. The operative principle applied was that additions must rest on verified facts, and unverifiable purchase claims justify only a limited profit-based disallowance, not full rejection of the purchases. en-us Thu, 30 Jul 2020 00:00:00 +0530 Wed, 14 Oct 2020 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399579 Where sales are not disputed and purchase evidence is otherwise available, only the profit element embedded in unverifiable or grey-market purchases can be added, so the disallowance was restricted to 10% of the bogus purchases. Where contract receipts in Form 26AS did not match the assessee's books, a mere assertion of error was insufficient and the mismatch had to be verified on facts; the matter was remanded to the Assessing Officer for fresh examination with an opportunity of hearing. The operative principle applied was that additions must rest on verified facts, and unverifiable purchase claims justify only a limited profit-based disallowance, not full rejection of the purchases. Case-Laws Income Tax Thu, 30 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399579