https://www.taxtmi.com/caselaws?id=408493 Where sales and working results are not doubted, a full disallowance of purchases is not justified because corresponding purchases are ordinarily required to generate those sales. However, if the purchases are found to be from the grey market, an estimated disallowance may be sustained to reflect possible savings in tax and related outgoings. On these facts, restricting the addition to 12.5% was treated as a fair estimate and the Revenue's challenge failed. en-us Thu, 11 Mar 2021 00:00:00 +0530 Sat, 12 Jun 2021 08:45:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408493 Where sales and working results are not doubted, a full disallowance of purchases is not justified because corresponding purchases are ordinarily required to generate those sales. However, if the purchases are found to be from the grey market, an estimated disallowance may be sustained to reflect possible savings in tax and related outgoings. On these facts, restricting the addition to 12.5% was treated as a fair estimate and the Revenue's challenge failed. Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408493