https://www.taxtmi.com/caselaws?id=339096 The case involved disputes over the disallowance of addition for profit on bogus purchases under the Income Tax Act. The Revenue challenged the reduction of the addition, while the assessee sought deletion of the disallowance. The parties providing goods were found to be bogus/hawala dealers, leading to disallowance despite some evidence of genuine transactions. The disallowance was based on investigation findings and statements of third parties. The Settlement Commission's assessment of additional income was not upheld, and the Commissioner's decision to partially sustain the disallowance was affirmed, emphasizing the taxpayer's burden to prove genuine transactions. en-us Wed, 15 Feb 2017 00:00:00 +0530 Sat, 18 Feb 2017 14:50:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339096 The case involved disputes over the disallowance of addition for profit on bogus purchases under the Income Tax Act. The Revenue challenged the reduction of the addition, while the assessee sought deletion of the disallowance. The parties providing goods were found to be bogus/hawala dealers, leading to disallowance despite some evidence of genuine transactions. The disallowance was based on investigation findings and statements of third parties. The Settlement Commission's assessment of additional income was not upheld, and the Commissioner's decision to partially sustain the disallowance was affirmed, emphasizing the taxpayer's burden to prove genuine transactions. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339096