https://www.taxtmi.com/caselaws?id=763121 Where purchases are found not fully proved but sales are accepted, the addition should ordinarily be restricted to the profit element embedded in the tainted transactions rather than the entire purchase value. In this ITAT Jaipur note, the alleged suppliers did not respond to notices, the assessee did not produce them, and GST material including reversal of input tax credit supported the view that genuineness was not fully established. However, because sales were not doubted and late-produced comparables and gross-profit material had not been examined, fresh quantification was considered necessary. The matter was therefore sent back for recomputation in accordance with law after giving the assessee an opportunity to produce relevant material. en-us Fri, 29 Nov 2024 00:00:00 +0530 Fri, 13 Dec 2024 07:23:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763121 Where purchases are found not fully proved but sales are accepted, the addition should ordinarily be restricted to the profit element embedded in the tainted transactions rather than the entire purchase value. In this ITAT Jaipur note, the alleged suppliers did not respond to notices, the assessee did not produce them, and GST material including reversal of input tax credit supported the view that genuineness was not fully established. However, because sales were not doubted and late-produced comparables and gross-profit material had not been examined, fresh quantification was considered necessary. The matter was therefore sent back for recomputation in accordance with law after giving the assessee an opportunity to produce relevant material. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763121