https://www.taxtmi.com/caselaws?id=394555 The tribunal upheld the decision of Ld. CIT(A) to disallow only 3% of purchases made by the assessee from alleged parties in the diamond industry due to lack of essential details on invoices. Despite the revenue's challenge, citing a Supreme Court decision to add the entire amount of bogus purchases to the assessee's income, the tribunal affirmed the partial disallowance. Emphasizing the onus on the assessee to prove the genuineness of transactions, the tribunal found no doubt on sales but indicated possible unethical practices, ultimately dismissing the revenue's appeal. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 16 Apr 2020 13:02:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394555 The tribunal upheld the decision of Ld. CIT(A) to disallow only 3% of purchases made by the assessee from alleged parties in the diamond industry due to lack of essential details on invoices. Despite the revenue's challenge, citing a Supreme Court decision to add the entire amount of bogus purchases to the assessee's income, the tribunal affirmed the partial disallowance. Emphasizing the onus on the assessee to prove the genuineness of transactions, the tribunal found no doubt on sales but indicated possible unethical practices, ultimately dismissing the revenue's appeal. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394555