https://www.taxtmi.com/caselaws?id=778410 ITAT (Chennai) upheld that only the profit element embedded in bogus yarn and cloth purchases, not the entire supplier payments, is taxable; CIT(A)'s estimation of profit at 12.5% of purchases was held fair and no further addition was warranted. An addition based on an assessee's retracted survey statement under s.133A regarding alleged on-money for immovable property was rejected: survey statements lack full evidentiary value and cannot alone sustain an addition absent corroborative material, which the Revenue failed to produce. en-us Fri, 12 Sep 2025 00:00:00 +0530 Tue, 16 Sep 2025 09:02:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778410 ITAT (Chennai) upheld that only the profit element embedded in bogus yarn and cloth purchases, not the entire supplier payments, is taxable; CIT(A)'s estimation of profit at 12.5% of purchases was held fair and no further addition was warranted. An addition based on an assessee's retracted survey statement under s.133A regarding alleged on-money for immovable property was rejected: survey statements lack full evidentiary value and cannot alone sustain an addition absent corroborative material, which the Revenue failed to produce. Case-Laws Income Tax Fri, 12 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778410