https://www.taxtmi.com/caselaws?id=466557 Where sales from disputed purchases are accepted but supplier genuineness is not conclusively established, the taxable adjustment may be limited to an estimated profit element rather than treating entire purchases as bogus; industry profit benchmarks may be applied to fix that estimate. Applying diamond trade precedents and sectoral data, the embedded profit in the contested purchases was estimated at 2% for the relevant assessment years, and the disallowance for income computation was restricted to that 2%, favourable to the taxpayer. en-us Thu, 20 Apr 2023 00:00:00 +0530 Mon, 09 Feb 2026 18:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466557 Where sales from disputed purchases are accepted but supplier genuineness is not conclusively established, the taxable adjustment may be limited to an estimated profit element rather than treating entire purchases as bogus; industry profit benchmarks may be applied to fix that estimate. Applying diamond trade precedents and sectoral data, the embedded profit in the contested purchases was estimated at 2% for the relevant assessment years, and the disallowance for income computation was restricted to that 2%, favourable to the taxpayer. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466557