https://www.taxtmi.com/caselaws?id=790330 Where sales are accepted and purchases are supported by invoices, goods received notes, bank payments, stock records and supplier ledgers, the entire purchase value cannot be treated as bogus expenditure under section 69C. On that footing, the tax adjustment is limited to the profit element embedded in the disputed purchases, especially where the assessment rests mainly on third-party information and lacks independent enquiry or effective rebuttal of the assessee's evidence. The order therefore sustained addition only to the extent of 15% of the alleged purchases and deleted the balance disallowance. en-us Tue, 21 Apr 2026 00:00:00 +0530 Thu, 23 Apr 2026 09:45:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790330 Where sales are accepted and purchases are supported by invoices, goods received notes, bank payments, stock records and supplier ledgers, the entire purchase value cannot be treated as bogus expenditure under section 69C. On that footing, the tax adjustment is limited to the profit element embedded in the disputed purchases, especially where the assessment rests mainly on third-party information and lacks independent enquiry or effective rebuttal of the assessee's evidence. The order therefore sustained addition only to the extent of 15% of the alleged purchases and deleted the balance disallowance. Case-Laws Income Tax Tue, 21 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790330