https://www.taxtmi.com/caselaws?id=401811 Where alleged bogus purchases are supported by purchase documents and banking payments, and the sales are not doubted, full disallowance is impermissible because sales ordinarily require corresponding purchases. The disputed purchases were treated as routed through the grey market, so the addition had to be confined to the profit element embedded in those purchases by aligning the gross profit rate with genuine purchases. The 100% addition was not sustained and the matter was remitted for fresh computation on that basis. en-us Wed, 16 Dec 2020 00:00:00 +0530 Mon, 04 Nov 2024 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401811 Where alleged bogus purchases are supported by purchase documents and banking payments, and the sales are not doubted, full disallowance is impermissible because sales ordinarily require corresponding purchases. The disputed purchases were treated as routed through the grey market, so the addition had to be confined to the profit element embedded in those purchases by aligning the gross profit rate with genuine purchases. The 100% addition was not sustained and the matter was remitted for fresh computation on that basis. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401811