https://www.taxtmi.com/caselaws?id=243278 The Court upheld the ITAT's decision in a case concerning alleged non-existent purchases by the assessee. It found that the Revenue's challenge based on a director's statement was not sufficient, emphasizing the lack of evidentiary value in survey statements. The Court highlighted the importance of supporting documents to establish transaction genuineness and shifted the onus to the department to disprove the transactions' authenticity. Ultimately, the Court dismissed the appeal, affirming the ITAT's decision and concluding that no substantial legal questions arose from the case. en-us Wed, 22 Jan 2014 00:00:00 +0530 Sat, 05 Apr 2014 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243278 The Court upheld the ITAT's decision in a case concerning alleged non-existent purchases by the assessee. It found that the Revenue's challenge based on a director's statement was not sufficient, emphasizing the lack of evidentiary value in survey statements. The Court highlighted the importance of supporting documents to establish transaction genuineness and shifted the onus to the department to disprove the transactions' authenticity. Ultimately, the Court dismissed the appeal, affirming the ITAT's decision and concluding that no substantial legal questions arose from the case. Case-Laws Income Tax Wed, 22 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243278