https://www.taxtmi.com/caselaws?id=415284 Where purchases are treated as non-genuine but the corresponding sales are accepted, only the profit element embedded in the purchases is taxable, not the full purchase value. The analysis distinguishes a prior decision based on different statutory and factual settings and applies the settled approach that any estimation must be reasonable having regard to the nature of the business and surrounding circumstances. On those facts, the addition was reduced from a full disallowance to an estimated 6% of the impugned purchases, giving the assessee partial relief. en-us Fri, 01 Oct 2021 00:00:00 +0530 Wed, 01 Dec 2021 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415284 Where purchases are treated as non-genuine but the corresponding sales are accepted, only the profit element embedded in the purchases is taxable, not the full purchase value. The analysis distinguishes a prior decision based on different statutory and factual settings and applies the settled approach that any estimation must be reasonable having regard to the nature of the business and surrounding circumstances. On those facts, the addition was reduced from a full disallowance to an estimated 6% of the impugned purchases, giving the assessee partial relief. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415284