https://www.taxtmi.com/caselaws?id=13452 The HC ruled on the genuineness of silver purchases by the assessee firm, addressing two key issues. The first purchase, recorded in the books, was deemed genuine, shifting the burden of proof to the department, thus favoring the assessee. However, the second purchase, not recorded, was found non-genuine due to inadequate explanation, supporting the Tribunal's decision. The HC answered the first question in favor of the assessee and the second in favor of the Revenue, affirming the Tribunal's findings regarding the disputed transactions. en-us Mon, 12 Feb 2007 00:00:00 +0530 Sat, 03 Feb 2024 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13452 The HC ruled on the genuineness of silver purchases by the assessee firm, addressing two key issues. The first purchase, recorded in the books, was deemed genuine, shifting the burden of proof to the department, thus favoring the assessee. However, the second purchase, not recorded, was found non-genuine due to inadequate explanation, supporting the Tribunal's decision. The HC answered the first question in favor of the assessee and the second in favor of the Revenue, affirming the Tribunal's findings regarding the disputed transactions. Case-Laws Income Tax Mon, 12 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13452