https://www.taxtmi.com/caselaws?id=404986 Unverifiable purchases may be treated as accommodation entries where suppliers are not produced, notices remain unserved, and no independent evidence of delivery or receipt of goods is shown. However, corresponding sales can indicate that goods were sourced from some channel, so the entire purchase value need not be disallowed. In such cases, only the embedded profit element is estimated, and a 12.5% addition was upheld as consistent with settled judicial approach in similar matters. en-us Tue, 12 Jan 2021 00:00:00 +0530 Tue, 09 Mar 2021 08:49:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404986 Unverifiable purchases may be treated as accommodation entries where suppliers are not produced, notices remain unserved, and no independent evidence of delivery or receipt of goods is shown. However, corresponding sales can indicate that goods were sourced from some channel, so the entire purchase value need not be disallowed. In such cases, only the embedded profit element is estimated, and a 12.5% addition was upheld as consistent with settled judicial approach in similar matters. Case-Laws Income Tax Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404986