https://www.taxtmi.com/caselaws?id=261990 The court dismissed the Tax Appeal, upholding the ITAT's decision to reduce the disallowance of unexplained purchases from 20% to 10% based on the higher GP rate disclosed by the assessee. However, the court criticized the ITAT for lacking detailed reasoning in its order and emphasized the importance of providing reasoned and speaking orders, directing the ITAT to comply with this requirement in the future. en-us Fri, 13 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261990 The court dismissed the Tax Appeal, upholding the ITAT's decision to reduce the disallowance of unexplained purchases from 20% to 10% based on the higher GP rate disclosed by the assessee. However, the court criticized the ITAT for lacking detailed reasoning in its order and emphasized the importance of providing reasoned and speaking orders, directing the ITAT to comply with this requirement in the future. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261990