https://www.taxtmi.com/caselaws?id=751405 Where purchases were doubted but sales, purchase records, bank statements, quantitative details and stock register supported the trading results, the addition could be confined to an estimated profit element rather than the full purchase amount. The Tribunal accepted the appellate view that only 12.5% of the alleged bogus purchases should be added, especially since the gross profit already disclosed in the regular books was reasonably high and had to be considered. It found no infirmity in the restricted disallowance and sustained the relief granted to the assessee, rejecting the revenue's challenge to the full addition. en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 16 Apr 2024 08:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751405 Where purchases were doubted but sales, purchase records, bank statements, quantitative details and stock register supported the trading results, the addition could be confined to an estimated profit element rather than the full purchase amount. The Tribunal accepted the appellate view that only 12.5% of the alleged bogus purchases should be added, especially since the gross profit already disclosed in the regular books was reasonably high and had to be considered. It found no infirmity in the restricted disallowance and sustained the relief granted to the assessee, rejecting the revenue's challenge to the full addition. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751405