https://www.taxtmi.com/caselaws?id=472289 Alleged bogus purchases are not fully taxable where the underlying purchases are not wholly fictitious, even if suppliers differ from those recorded in the books. Taxable income is limited to the profit element embedded in such purchases rather than the full purchase price. The addition is confined to 12.5% of the alleged purchases as the estimated embedded profit, notwithstanding repeated non-compliance during assessment and first appellate proceedings. en-us Mon, 13 May 2019 00:00:00 +0530 Wed, 07 Oct 2026 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472289 Alleged bogus purchases are not fully taxable where the underlying purchases are not wholly fictitious, even if suppliers differ from those recorded in the books. Taxable income is limited to the profit element embedded in such purchases rather than the full purchase price. The addition is confined to 12.5% of the alleged purchases as the estimated embedded profit, notwithstanding repeated non-compliance during assessment and first appellate proceedings. Case-Laws Income Tax Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472289