https://www.taxtmi.com/caselaws?id=772168 Where sales were accepted and the assessee produced documentary evidence of procurement, transport, banking payments and stock movement, the alleged purchases could not be treated as bogus merely on third-party information and non-response to notices. The rejected books of account did not, by themselves, justify estimating an embedded profit element when the record also showed that the purchase prices were at par with or below market rates and no inflation or price manipulation was established. On that basis, an addition on account of alleged bogus purchases was not sustainable at the rate adopted by the Assessing Officer. en-us Fri, 20 Sep 2024 00:00:00 +0530 Fri, 16 Jan 2026 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772168 Where sales were accepted and the assessee produced documentary evidence of procurement, transport, banking payments and stock movement, the alleged purchases could not be treated as bogus merely on third-party information and non-response to notices. The rejected books of account did not, by themselves, justify estimating an embedded profit element when the record also showed that the purchase prices were at par with or below market rates and no inflation or price manipulation was established. On that basis, an addition on account of alleged bogus purchases was not sustainable at the rate adopted by the Assessing Officer. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772168