https://www.taxtmi.com/caselaws?id=776483 Where purchases were treated as bogus on the basis of search material and a statement recorded during search, the addition could not extend to the full purchase amount because the corresponding sales were accepted as genuine. The proper approach was to confine the disallowance to the profit element embedded in the disputed purchases, having regard to the surrounding facts and supporting evidence. The addition was therefore restricted to 10% of the disputed purchases as estimated gross profit, granting the assessee partial relief. en-us Mon, 06 Jan 2025 00:00:00 +0530 Tue, 12 Aug 2025 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776483 Where purchases were treated as bogus on the basis of search material and a statement recorded during search, the addition could not extend to the full purchase amount because the corresponding sales were accepted as genuine. The proper approach was to confine the disallowance to the profit element embedded in the disputed purchases, having regard to the surrounding facts and supporting evidence. The addition was therefore restricted to 10% of the disputed purchases as estimated gross profit, granting the assessee partial relief. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776483