https://www.taxtmi.com/caselaws?id=382609 The Tribunal upheld the deletion of additions under section 69C of the Income Tax Act for a respondent-assessee in the gold and silver jewellery trade. The Tribunal emphasized the need for concrete documentary evidence to support additions, noting that defaults under the MVAT Act alone are insufficient. The appellant's evidence, including bank transactions and invoices, supported the legitimacy of purchases, leading to the deletion of additions. Both the Commissioner (Appeals) and the Tribunal found no independent material to deem the purchases non-genuine, resulting in the dismissal of the income tax appeal and upholding the deletion of additions by the Assessing Officer. en-us Mon, 01 Jul 2019 00:00:00 +0530 Fri, 05 Jul 2019 07:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382609 The Tribunal upheld the deletion of additions under section 69C of the Income Tax Act for a respondent-assessee in the gold and silver jewellery trade. The Tribunal emphasized the need for concrete documentary evidence to support additions, noting that defaults under the MVAT Act alone are insufficient. The appellant's evidence, including bank transactions and invoices, supported the legitimacy of purchases, leading to the deletion of additions. Both the Commissioner (Appeals) and the Tribunal found no independent material to deem the purchases non-genuine, resulting in the dismissal of the income tax appeal and upholding the deletion of additions by the Assessing Officer. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382609