https://www.taxtmi.com/caselaws?id=418517 Where sales reflected in VAT turnover exceeded declared sales, the addition could not cover the entire disputed turnover; only the profit element embedded in unexplained or unrecorded sales was assessable, with the matter remanded for estimation using the declared gross profit rate. Interest on borrowed capital used for the assessee's proprietary business was not disallowable where the loans were genuine, payments were routed through banking channels, and tax had been deducted at source; the disallowance was deleted. en-us Mon, 14 Feb 2022 00:00:00 +0530 Mon, 08 Jun 2026 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418517 Where sales reflected in VAT turnover exceeded declared sales, the addition could not cover the entire disputed turnover; only the profit element embedded in unexplained or unrecorded sales was assessable, with the matter remanded for estimation using the declared gross profit rate. Interest on borrowed capital used for the assessee's proprietary business was not disallowable where the loans were genuine, payments were routed through banking channels, and tax had been deducted at source; the disallowance was deleted. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418517