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Estimation on basis of packing material consumed unjustified in lack of proof that assessee inflated purchase/sale: HC

August 25, 2021[2021] 129 taxmann.com 178 (Madras)

INCOME TAX : Where Assessing Officer noted that transactions of purchase recorded in books had not been proved by assessee and he held that assessee was not maintaining proper books of account and details of unaccounted purchase were arrived at by looking into purchase bills of packing materials and made addition on account of unproved purchases, in absence of any material on record that assessee had inflated purchases or sales, estimation of probable purchase or sales on basis of packing material consumed by assessee was not justified

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