https://www.taxtmi.com/caselaws?id=467005 Accepted sales preclude disallowance of the entire value of alleged non-genuine purchases; only the embedded profit element may be taxed. The Tribunal treated reliance on an authority concerning hotel maintenance expenditure as distinguishable from a trading-purchase dispute. Although the taxpayer could not conclusively establish purchases due to missing transport receipts and supplier confirmations, the facts supported a reasonable estimate rather than a 100% disallowance. Considering the nature of the trading business and the available evidence, the disallowance was restricted to 8% of the disputed purchases, with income to be recomputed accordingly. en-us Fri, 01 Oct 2021 00:00:00 +0530 Sun, 01 Mar 2026 10:28:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467005 Accepted sales preclude disallowance of the entire value of alleged non-genuine purchases; only the embedded profit element may be taxed. The Tribunal treated reliance on an authority concerning hotel maintenance expenditure as distinguishable from a trading-purchase dispute. Although the taxpayer could not conclusively establish purchases due to missing transport receipts and supplier confirmations, the facts supported a reasonable estimate rather than a 100% disallowance. Considering the nature of the trading business and the available evidence, the disallowance was restricted to 8% of the disputed purchases, with income to be recomputed accordingly. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467005