https://www.taxtmi.com/caselaws?id=794512 Disallowance of alleged bogus jewellery purchases was not to be made in full where the purchases were reflected in sales and closing stock, the quantitative details had been accepted by VAT authorities, and the books were not rejected under section 145(3) of the Income-tax Act. In that setting, the adjustment was confined to the profit element embedded in the disputed purchases, to be worked out on a reasonable basis. The income was to be recomputed by applying the average gross profit of the last five years, giving partial relief to the assessee. en-us Fri, 05 Jun 2026 00:00:00 +0530 Tue, 07 Jul 2026 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794512 Disallowance of alleged bogus jewellery purchases was not to be made in full where the purchases were reflected in sales and closing stock, the quantitative details had been accepted by VAT authorities, and the books were not rejected under section 145(3) of the Income-tax Act. In that setting, the adjustment was confined to the profit element embedded in the disputed purchases, to be worked out on a reasonable basis. The income was to be recomputed by applying the average gross profit of the last five years, giving partial relief to the assessee. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794512