https://www.taxtmi.com/caselaws?id=466794 Whether the profit element in alleged bogus purchases can be estimated and disallowed under section 69 was examined on the basis of investigation and VAT information showing the sellers to be non-existent; the AO reopened assessment and estimated a profit element, which the first appellate authority sustained as within recognised estimation ranges; the Tribunal accepted that the estimation rested on information not mere presumption but exercised discretion to moderate the estimate and reduced the disallowance to reflect fairness in the interest of justice. en-us Fri, 03 Feb 2017 00:00:00 +0530 Fri, 20 Feb 2026 08:22:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466794 Whether the profit element in alleged bogus purchases can be estimated and disallowed under section 69 was examined on the basis of investigation and VAT information showing the sellers to be non-existent; the AO reopened assessment and estimated a profit element, which the first appellate authority sustained as within recognised estimation ranges; the Tribunal accepted that the estimation rested on information not mere presumption but exercised discretion to moderate the estimate and reduced the disallowance to reflect fairness in the interest of justice. Case-Laws Income Tax Fri, 03 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466794