https://www.taxtmi.com/caselaws?id=349616 The Tribunal upheld the First Appellate Authority's decision to limit the disallowance to 25%, citing the correlation of sales with purchases and a declared Gross Profit rate of 9.76%. The Tribunal emphasized the inevitability of guesswork in income estimation cases, referencing relevant judicial precedents. Various cases were examined to determine the genuineness of purchases, with the Tribunal ultimately dismissing the Revenue's appeal and confirming the safeguarding of Revenue interests. The decision was rendered on 17/08/2017 after a hearing attended by both parties' representatives. en-us Thu, 17 Aug 2017 00:00:00 +0530 Tue, 17 Oct 2017 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349616 The Tribunal upheld the First Appellate Authority's decision to limit the disallowance to 25%, citing the correlation of sales with purchases and a declared Gross Profit rate of 9.76%. The Tribunal emphasized the inevitability of guesswork in income estimation cases, referencing relevant judicial precedents. Various cases were examined to determine the genuineness of purchases, with the Tribunal ultimately dismissing the Revenue's appeal and confirming the safeguarding of Revenue interests. The decision was rendered on 17/08/2017 after a hearing attended by both parties' representatives. Case-Laws Income Tax Thu, 17 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349616