https://www.taxtmi.com/caselaws?id=406547 Unverifiable purchases supported a partial disallowance because the alleged suppliers were not produced and notices remained unserved, yet the corresponding sales were not doubted. The appellate authority treated the purchases as not wholly non-existent and held that only the profit element embedded in such purchases could be taxed. Applying the factual matrix and case law on bogus or hawala purchases, it restricted the addition to 12.5% of the purchase value, and the Revenue's challenge failed. en-us Wed, 03 Feb 2021 00:00:00 +0530 Sat, 17 Apr 2021 11:04:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406547 Unverifiable purchases supported a partial disallowance because the alleged suppliers were not produced and notices remained unserved, yet the corresponding sales were not doubted. The appellate authority treated the purchases as not wholly non-existent and held that only the profit element embedded in such purchases could be taxed. Applying the factual matrix and case law on bogus or hawala purchases, it restricted the addition to 12.5% of the purchase value, and the Revenue's challenge failed. Case-Laws Income Tax Wed, 03 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406547