https://www.taxtmi.com/caselaws?id=190797 The Tribunal allowed the appeal, directing the AO to delete the disallowance of Rs. 63,29,735. It emphasized the importance of substantive evidence in proving the genuineness of purchases and highlighted that suspicion alone cannot invalidate transactions. The Tribunal found that the assessee had sufficiently proven the purchases with material evidence, banking transactions, and utilization of goods in manufacturing. The decision stressed the necessity for tax authorities to conduct thorough investigations before disallowing legitimate business transactions. en-us Thu, 28 Jul 2016 00:00:00 +0530 Mon, 27 Feb 2017 20:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190797 The Tribunal allowed the appeal, directing the AO to delete the disallowance of Rs. 63,29,735. It emphasized the importance of substantive evidence in proving the genuineness of purchases and highlighted that suspicion alone cannot invalidate transactions. The Tribunal found that the assessee had sufficiently proven the purchases with material evidence, banking transactions, and utilization of goods in manufacturing. The decision stressed the necessity for tax authorities to conduct thorough investigations before disallowing legitimate business transactions. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190797