https://www.taxtmi.com/article/detailed?id=10870 Only the profit element embedded in sales, not the gross sales amount, may be treated as the assessee's income; where consignment sales cannot be proved, additions should be limited to estimated profits. Separately, interest on loans shown to fund the business and paid through banking channels is allowable as a business expense and should not be disallowed solely because its absolute amount appears high. en-us Wed, 14 Dec 2022 10:45:43 +0530 Wed, 14 Dec 2022 10:45:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10870 Only the profit element embedded in sales, not the gross sales amount, may be treated as the assessee's income; where consignment sales cannot be proved, additions should be limited to estimated profits. Separately, interest on loans shown to fund the business and paid through banking channels is allowable as a business expense and should not be disallowed solely because its absolute amount appears high. Articles Income Tax Wed, 14 Dec 2022 10:45:43 +0530 https://www.taxtmi.com/article/detailed?id=10870