https://www.taxtmi.com/caselaws?id=789267 Recorded purchases supported by banking payments, accepted books of account and undisputed financial statements cannot be treated as unexplained where the source of expenditure and corresponding stock movement are explained. The first appellate authority disposed of the appeal ex parte, but the available record permitted a merits determination without remand. As the Assessing Officer did not reject the books or substantively dispute the recorded transactions, no basis existed to sustain the addition for alleged bogus purchases. The addition was therefore deleted and the reassessment consequence did not survive. en-us Wed, 25 Mar 2026 00:00:00 +0530 Sat, 04 Apr 2026 12:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789267 Recorded purchases supported by banking payments, accepted books of account and undisputed financial statements cannot be treated as unexplained where the source of expenditure and corresponding stock movement are explained. The first appellate authority disposed of the appeal ex parte, but the available record permitted a merits determination without remand. As the Assessing Officer did not reject the books or substantively dispute the recorded transactions, no basis existed to sustain the addition for alleged bogus purchases. The addition was therefore deleted and the reassessment consequence did not survive. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789267