https://www.taxtmi.com/caselaws?id=792347 Estimated additions on alleged bogus purchases were deleted where the assessee produced purchase invoices, e-way bills, bank statements, transporter records, toll and dharam-kanta receipts, GPS photographs and other supporting documents, and the revenue did not identify any specific defect or fabrication in that material. The Tribunal held that acceptance of sales and an alleged grey-market profit element could not justify taxation on suspicion alone. It further required independent material showing that the purchases were sourced at lower rates from the grey market and that the assessee actually benefited by booking inflated bills. On that basis, the profit-element addition was deleted. en-us Wed, 20 May 2026 00:00:00 +0530 Wed, 27 May 2026 07:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792347 Estimated additions on alleged bogus purchases were deleted where the assessee produced purchase invoices, e-way bills, bank statements, transporter records, toll and dharam-kanta receipts, GPS photographs and other supporting documents, and the revenue did not identify any specific defect or fabrication in that material. The Tribunal held that acceptance of sales and an alleged grey-market profit element could not justify taxation on suspicion alone. It further required independent material showing that the purchases were sourced at lower rates from the grey market and that the assessee actually benefited by booking inflated bills. On that basis, the profit-element addition was deleted. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792347