https://www.taxtmi.com/caselaws?id=266489 The High Court upheld the Tribunal's decision in a case involving a challenge to the genuineness of purchase transactions and the disallowance of depreciation claimed under the Income Tax Act. The Tribunal found in favor of the assessee, emphasizing the documentary evidence provided, including bills and weigh bridge receipts, to support the authenticity of the transactions. The Tribunal concluded that the Assessing Officer's doubts were unjustified, leading to the dismissal of the revenue's appeal. Additionally, the Tribunal overturned the disallowance of depreciation, stating that the Assessing Officer's decision lacked evidentiary support. en-us Mon, 28 Sep 2015 00:00:00 +0530 Wed, 21 Oct 2015 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266489 The High Court upheld the Tribunal's decision in a case involving a challenge to the genuineness of purchase transactions and the disallowance of depreciation claimed under the Income Tax Act. The Tribunal found in favor of the assessee, emphasizing the documentary evidence provided, including bills and weigh bridge receipts, to support the authenticity of the transactions. The Tribunal concluded that the Assessing Officer's doubts were unjustified, leading to the dismissal of the revenue's appeal. Additionally, the Tribunal overturned the disallowance of depreciation, stating that the Assessing Officer's decision lacked evidentiary support. Case-Laws Income Tax Mon, 28 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266489