https://www.taxtmi.com/caselaws?id=349665 The Tribunal dismissed the revenue's appeal concerning the assessment of purchases from parties listed as hawala operators. Despite evidence of accommodation entries, the Tribunal emphasized the genuineness of purchases supported by bills and payment proofs. Noting no adverse comments on accounts or registers, the Tribunal directed taxing only the profit element at 12.5% on total purchases, rejecting the revenue's claim to tax the entire amount. The decision underscored the importance of assessing evidence to justify purchases and taxing only the profit element in such transactions, aligning with past legal interpretations. en-us Fri, 11 Aug 2017 00:00:00 +0530 Mon, 23 Oct 2017 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349665 The Tribunal dismissed the revenue's appeal concerning the assessment of purchases from parties listed as hawala operators. Despite evidence of accommodation entries, the Tribunal emphasized the genuineness of purchases supported by bills and payment proofs. Noting no adverse comments on accounts or registers, the Tribunal directed taxing only the profit element at 12.5% on total purchases, rejecting the revenue's claim to tax the entire amount. The decision underscored the importance of assessing evidence to justify purchases and taxing only the profit element in such transactions, aligning with past legal interpretations. Case-Laws Income Tax Fri, 11 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349665