https://www.taxtmi.com/caselaws?id=751009 Alleged bogus purchases were treated as accommodation entries because seized material and a supporting statement showed the modus operandi, the sales were not disputed, and the assessee produced no documentary rebuttal; the profit element was therefore sustained at 12.5% of the purchases. The addition for alleged on-money on flat sales was not finally upheld because the assessment record lacked a clear reference to the seized material, the remand report was unavailable, and the relevant statements and settlement order were not on record for verification; the issue was remanded for fresh examination by the first appellate authority. en-us Mon, 18 Mar 2024 00:00:00 +0530 Fri, 05 Apr 2024 09:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751009 Alleged bogus purchases were treated as accommodation entries because seized material and a supporting statement showed the modus operandi, the sales were not disputed, and the assessee produced no documentary rebuttal; the profit element was therefore sustained at 12.5% of the purchases. The addition for alleged on-money on flat sales was not finally upheld because the assessment record lacked a clear reference to the seized material, the remand report was unavailable, and the relevant statements and settlement order were not on record for verification; the issue was remanded for fresh examination by the first appellate authority. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751009