https://www.taxtmi.com/caselaws?id=285909 The High Court upheld the Tribunal's decisions on the genuineness of purchases and the treatment of losses, dismissing most issues in the Tax Appeal. However, the matter of unutilized CENVAT/MODVAT credit was admitted for further review due to its relevance in other appeals. The Court emphasized that the evidence supported the purchases and justified the 5% addition to the income. The disallowance of purchases from M/s. Amber Trading Company was overturned as the supplier's Assessing Officer deemed the transactions legitimate. The Court found no basis for the speculation loss treatment by the Assessing Officer. en-us Mon, 10 Feb 2014 00:00:00 +0530 Sun, 02 Feb 2020 08:59:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285909 The High Court upheld the Tribunal's decisions on the genuineness of purchases and the treatment of losses, dismissing most issues in the Tax Appeal. However, the matter of unutilized CENVAT/MODVAT credit was admitted for further review due to its relevance in other appeals. The Court emphasized that the evidence supported the purchases and justified the 5% addition to the income. The disallowance of purchases from M/s. Amber Trading Company was overturned as the supplier's Assessing Officer deemed the transactions legitimate. The Court found no basis for the speculation loss treatment by the Assessing Officer. Case-Laws Income Tax Mon, 10 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285909