https://www.taxtmi.com/caselaws?id=796097 Where purchases are recorded against an unverified supplier but corresponding sales, stock records, quantitative movement and banking-channel payments are accepted, only the profit or savings embedded in those purchases may be taxed. The applicable estimate must reflect the trade's margins, the taxpayer's disclosed profitability, available evidence and the relevant year's facts; an earlier year's rate cannot be applied mechanically without identical facts. For the low-margin ferrous and non-ferrous metals trade, the notes state that a 2 per cent profit estimate was supported by disclosed net-profit margins and comparable decisions, with the remaining purchase addition deleted. en-us Tue, 28 Jul 2026 00:00:00 +0530 Fri, 31 Jul 2026 08:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796097 Where purchases are recorded against an unverified supplier but corresponding sales, stock records, quantitative movement and banking-channel payments are accepted, only the profit or savings embedded in those purchases may be taxed. The applicable estimate must reflect the trade's margins, the taxpayer's disclosed profitability, available evidence and the relevant year's facts; an earlier year's rate cannot be applied mechanically without identical facts. For the low-margin ferrous and non-ferrous metals trade, the notes state that a 2 per cent profit estimate was supported by disclosed net-profit margins and comparable decisions, with the remaining purchase addition deleted. Case-Laws Income Tax Tue, 28 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796097