https://www.taxtmi.com/caselaws?id=797844 Unverified purchases cannot be disallowed in full where corresponding sales are accepted and the procurement of goods from the market is established, albeit without proper supplier billing. The taxable addition should be confined to the profit element embedded in such purchases rather than the entire purchase value. Considering the nature of the business and surrounding circumstances, estimation at 12.5% was treated as excessive and reduced to 6.5% of the unverified purchases, with the resulting addition sustained accordingly. en-us Thu, 20 Aug 2026 00:00:00 +0530 Fri, 28 Aug 2026 20:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797844 Unverified purchases cannot be disallowed in full where corresponding sales are accepted and the procurement of goods from the market is established, albeit without proper supplier billing. The taxable addition should be confined to the profit element embedded in such purchases rather than the entire purchase value. Considering the nature of the business and surrounding circumstances, estimation at 12.5% was treated as excessive and reduced to 6.5% of the unverified purchases, with the resulting addition sustained accordingly. Case-Laws Income Tax Thu, 20 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797844