https://www.taxtmi.com/caselaws?id=468008 Where sales were accepted but the purchase parties were not traceable and verification remained unavailable, the disputed purchases were not treated as wholly genuine. However, the accepted sales prevented rejection of the purchases in full, so the addition was confined to the profit element embedded in the alleged bogus purchases rather than the entire purchase value. The ITAT followed the approach adopted in the assessee's earlier year and applied a 12.5% suppression rate, subject to reduction by the gross profit rate already declared for the year under appeal. The result was that the full addition under section 69C was not sustained and the assessee obtained relief. en-us Thu, 18 Jan 2024 00:00:00 +0530 Mon, 01 Jun 2026 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468008 Where sales were accepted but the purchase parties were not traceable and verification remained unavailable, the disputed purchases were not treated as wholly genuine. However, the accepted sales prevented rejection of the purchases in full, so the addition was confined to the profit element embedded in the alleged bogus purchases rather than the entire purchase value. The ITAT followed the approach adopted in the assessee's earlier year and applied a 12.5% suppression rate, subject to reduction by the gross profit rate already declared for the year under appeal. The result was that the full addition under section 69C was not sustained and the assessee obtained relief. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468008