https://www.taxtmi.com/caselaws?id=471478 Commodity transaction turnover recorded in the books, comprising purchases, sales and profit, is not income taxable in full merely because of alleged client code modification. Only the profit embedded in those transactions is taxable under the unexplained cash credit provisions. Expenses genuinely incurred during the relevant year remain deductible under the mercantile system, even where supporting bills are raised and payment is made in the following year, provided the liability and genuineness of the expenditure are established through records. en-us Tue, 24 Jun 2025 00:00:00 +0530 Thu, 03 Sep 2026 18:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471478 Commodity transaction turnover recorded in the books, comprising purchases, sales and profit, is not income taxable in full merely because of alleged client code modification. Only the profit embedded in those transactions is taxable under the unexplained cash credit provisions. Expenses genuinely incurred during the relevant year remain deductible under the mercantile system, even where supporting bills are raised and payment is made in the following year, provided the liability and genuineness of the expenditure are established through records. Case-Laws Income Tax Tue, 24 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471478