https://www.taxtmi.com/caselaws?id=400649 Where sales are accepted as genuine, purchases cannot be treated as wholly non-genuine for addition purposes. In a trading business, if purchase confirmations remain unproved, only the profit element embedded in such purchases may be brought to tax. On the facts, the embedded profit was estimated at 4%, and the disallowance was directed to be recomputed accordingly, granting relief to the assessee to that extent. en-us Tue, 29 Sep 2020 00:00:00 +0530 Thu, 12 Nov 2020 12:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400649 Where sales are accepted as genuine, purchases cannot be treated as wholly non-genuine for addition purposes. In a trading business, if purchase confirmations remain unproved, only the profit element embedded in such purchases may be brought to tax. On the facts, the embedded profit was estimated at 4%, and the disallowance was directed to be recomputed accordingly, granting relief to the assessee to that extent. Case-Laws Income Tax Tue, 29 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400649