https://www.taxtmi.com/caselaws?id=425735 Where sales are accepted and the books of account are not rejected, alleged bogus purchases are brought to tax only to the extent of the embedded profit element, not the full purchase value, and the addition was restricted to 12.5% of the disputed purchases. For housing-project deduction under section 80IB(10), substantial compliance was sufficient because the project met the statutory size and commercial-use conditions, was completed within time on architect and fire-safety certifications, and the occupancy certificate delay was attributable to the local authority rather than the assessee; the deduction was therefore allowed. en-us Thu, 30 Jun 2022 00:00:00 +0530 Sat, 30 Jul 2022 08:29:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425735 Where sales are accepted and the books of account are not rejected, alleged bogus purchases are brought to tax only to the extent of the embedded profit element, not the full purchase value, and the addition was restricted to 12.5% of the disputed purchases. For housing-project deduction under section 80IB(10), substantial compliance was sufficient because the project met the statutory size and commercial-use conditions, was completed within time on architect and fire-safety certifications, and the occupancy certificate delay was attributable to the local authority rather than the assessee; the deduction was therefore allowed. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425735