https://www.taxtmi.com/caselaws?id=221915 The High Court upheld the Tribunal's decision to dismiss the Tax Appeal regarding the disallowance of unverifiable purchases amounting to Rs.27.32 lakhs. The Court emphasized the lack of concrete evidence linking the assessee to the alleged fraudulent transactions, noting the failure of the Revenue to establish a direct connection. The Tribunal's decision was supported by the assessee's evidence of receiving goods and making payments via cheques, while the alleged maker of statements was not cross-examined. The Court concluded that the Revenue's case relied on assumptions and conjectures without substantial evidence, leading to the appeal's dismissal. en-us Wed, 01 Feb 2012 00:00:00 +0530 Fri, 05 Apr 2013 22:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221915 The High Court upheld the Tribunal's decision to dismiss the Tax Appeal regarding the disallowance of unverifiable purchases amounting to Rs.27.32 lakhs. The Court emphasized the lack of concrete evidence linking the assessee to the alleged fraudulent transactions, noting the failure of the Revenue to establish a direct connection. The Tribunal's decision was supported by the assessee's evidence of receiving goods and making payments via cheques, while the alleged maker of statements was not cross-examined. The Court concluded that the Revenue's case relied on assumptions and conjectures without substantial evidence, leading to the appeal's dismissal. Case-Laws Income Tax Wed, 01 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221915