https://www.taxtmi.com/caselaws?id=349574 The High Court of Gujarat upheld the decision of the Income Tax Appellate Tribunal regarding the legitimacy of purchase expenditure amounting to Rs. 5.19 crores. Despite initial disallowance by the Assessing Officer, the Tribunal deemed the purchases legitimate based on supporting bills, payments by cheques, and confirmation from M/s. Raj Impex. The Court found no evidence of cash returns and accepted the assessee's sales from the purchases. Consequently, the Tax Appeal was dismissed, affirming the Tribunal's decision. en-us Mon, 18 Sep 2017 00:00:00 +0530 Tue, 17 Oct 2017 08:52:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349574 The High Court of Gujarat upheld the decision of the Income Tax Appellate Tribunal regarding the legitimacy of purchase expenditure amounting to Rs. 5.19 crores. Despite initial disallowance by the Assessing Officer, the Tribunal deemed the purchases legitimate based on supporting bills, payments by cheques, and confirmation from M/s. Raj Impex. The Court found no evidence of cash returns and accepted the assessee's sales from the purchases. Consequently, the Tax Appeal was dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Mon, 18 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349574