https://www.taxtmi.com/caselaws?id=781684 Unverified purchases from GS Industries were treated as bogus in principle because the assessee could not reconcile or substantiate them, but the corresponding sales were not rejected and the books were otherwise undisturbed, so the addition was confined to an estimated 8% disallowance rather than the full amount. The impugned claim was held to be expenditure, not a credit entry, and therefore could not be assessed as unexplained cash credits. It was directed to be treated as a business expenditure disallowance under section 37 of the Income-tax Act, with computation under the normal provisions. en-us Thu, 30 Oct 2025 00:00:00 +0530 Wed, 19 Nov 2025 08:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781684 Unverified purchases from GS Industries were treated as bogus in principle because the assessee could not reconcile or substantiate them, but the corresponding sales were not rejected and the books were otherwise undisturbed, so the addition was confined to an estimated 8% disallowance rather than the full amount. The impugned claim was held to be expenditure, not a credit entry, and therefore could not be assessed as unexplained cash credits. It was directed to be treated as a business expenditure disallowance under section 37 of the Income-tax Act, with computation under the normal provisions. Case-Laws Income Tax Thu, 30 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781684