https://www.taxtmi.com/caselaws?id=771136 ITAT upheld the appellate authority's treatment of unverifiable purchases by declining to tax the full purchase amount and directing taxation only on the presumed profit element. The Tribunal accepted that purchases remained unverified but noted turnover and past returns were not doubted, and applied a deemed gross profit rate of 5% (increased from 2.39%) on the unverified purchases to compute the addition under section 69C, thereby sustaining the partial addition rather than taxing the entire purchase value. en-us Fri, 16 May 2025 00:00:00 +0530 Mon, 18 Aug 2025 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771136 ITAT upheld the appellate authority's treatment of unverifiable purchases by declining to tax the full purchase amount and directing taxation only on the presumed profit element. The Tribunal accepted that purchases remained unverified but noted turnover and past returns were not doubted, and applied a deemed gross profit rate of 5% (increased from 2.39%) on the unverified purchases to compute the addition under section 69C, thereby sustaining the partial addition rather than taxing the entire purchase value. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771136