https://www.taxtmi.com/caselaws?id=792343 Where commodity trades were found to be paper transactions without physical delivery, transport records or banking trail, the loss claim was not sustained and only verification of any later carry-forward or set-off was directed. Once the books were rejected and income had to be estimated from the non-genuine trading cycle, the profit rate was reduced from 1% to 0.3% of turnover having regard to the business nature and margins shown. Additions for closing stock, unexplained purchases and trade payables under Section 68 were not separately sustained because they arose from the same set of non-genuine transactions and could not be taxed in isolation. en-us Thu, 30 Apr 2026 00:00:00 +0530 Tue, 26 May 2026 16:25:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792343 Where commodity trades were found to be paper transactions without physical delivery, transport records or banking trail, the loss claim was not sustained and only verification of any later carry-forward or set-off was directed. Once the books were rejected and income had to be estimated from the non-genuine trading cycle, the profit rate was reduced from 1% to 0.3% of turnover having regard to the business nature and margins shown. Additions for closing stock, unexplained purchases and trade payables under Section 68 were not separately sustained because they arose from the same set of non-genuine transactions and could not be taxed in isolation. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792343