https://www.taxtmi.com/caselaws?id=753079 Where alleged bogus purchases are backed by purchase bills, supplier ledgers, delivery challans, sales records and banking evidence, only the profit element can be brought to tax and the full purchase value cannot be added as unexplained expenditure. On that basis, the addition was restricted to 10% of the disputed purchases and the revenue challenge to the quantum adjustment failed. The same documentary support also meant that concealment or furnishing of inaccurate particulars was not established, and penalty could not survive merely because the purchases were treated as non-genuine for estimation purposes. The deletion of penalty was therefore upheld. en-us Tue, 21 May 2024 00:00:00 +0530 Thu, 23 May 2024 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753079 Where alleged bogus purchases are backed by purchase bills, supplier ledgers, delivery challans, sales records and banking evidence, only the profit element can be brought to tax and the full purchase value cannot be added as unexplained expenditure. On that basis, the addition was restricted to 10% of the disputed purchases and the revenue challenge to the quantum adjustment failed. The same documentary support also meant that concealment or furnishing of inaccurate particulars was not established, and penalty could not survive merely because the purchases were treated as non-genuine for estimation purposes. The deletion of penalty was therefore upheld. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753079