https://www.taxtmi.com/caselaws?id=334521 The Court upheld the CIT (A) decision, ruling purchases as bogus due to lack of physical verification of precious stones, deeming them paper transactions for export and tax benefits. The Tribunal's decision was reversed, finding the appellant failed to prove the legitimacy of transactions, leading to a decision in favor of the Department against the assessee. en-us Wed, 02 Nov 2016 00:00:00 +0530 Tue, 09 May 2017 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334521 The Court upheld the CIT (A) decision, ruling purchases as bogus due to lack of physical verification of precious stones, deeming them paper transactions for export and tax benefits. The Tribunal's decision was reversed, finding the appellant failed to prove the legitimacy of transactions, leading to a decision in favor of the Department against the assessee. Case-Laws Income Tax Wed, 02 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334521