https://www.taxtmi.com/caselaws?id=348340 The ITAT partially allowed the appeal challenging the disallowance of 'Bogus Purchase' under section 69C for 'Unexplained Expenditure.' Emphasizing the need for substantiation, the ITAT restricted the disallowance to 12.5% of total purchases, criticizing the AO's lack of bank verification and cross-examination opportunities. The judgment underscored procedural flaws in the assessment process and the importance of fair treatment, concluding that non-production of stock registers does not automatically render expenses as 'unexplained expenditure.' en-us Wed, 06 Sep 2017 00:00:00 +0530 Wed, 20 Sep 2017 07:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348340 The ITAT partially allowed the appeal challenging the disallowance of 'Bogus Purchase' under section 69C for 'Unexplained Expenditure.' Emphasizing the need for substantiation, the ITAT restricted the disallowance to 12.5% of total purchases, criticizing the AO's lack of bank verification and cross-examination opportunities. The judgment underscored procedural flaws in the assessment process and the importance of fair treatment, concluding that non-production of stock registers does not automatically render expenses as 'unexplained expenditure.' Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348340