https://www.taxtmi.com/caselaws?id=467060 Presumptive additions based on a percentage of turnover for alleged circular trading are unsustainable where there is no tangible or corroborative evidence of unaccounted cash receipts, no proof of bogus identity or transactions, and counterparties' source and creditworthiness have been accepted in corresponding assessments; the presumed commission/income estimate is deleted. Specific amounts written off as irrecoverable debts that satisfy the statutory conditions for deduction are deductible and not to be treated as mere provisions; the disallowance of such write offs is deleted. Appeals are allowed in favour of the assessee on both issues. en-us Fri, 10 Oct 2025 00:00:00 +0530 Mon, 02 Mar 2026 14:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467060 Presumptive additions based on a percentage of turnover for alleged circular trading are unsustainable where there is no tangible or corroborative evidence of unaccounted cash receipts, no proof of bogus identity or transactions, and counterparties' source and creditworthiness have been accepted in corresponding assessments; the presumed commission/income estimate is deleted. Specific amounts written off as irrecoverable debts that satisfy the statutory conditions for deduction are deductible and not to be treated as mere provisions; the disallowance of such write offs is deleted. Appeals are allowed in favour of the assessee on both issues. Case-Laws Income Tax Fri, 10 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467060