https://www.taxtmi.com/caselaws?id=399857 The ITAT upheld the partial relief granted by the Commissioner of Income Tax (Appeals) in a case concerning non-genuine purchases for the assessment year 2015-16. The ITAT found that the assessee had provided sufficient evidence to prove the genuineness of purchases essential for their construction business. The decision to disallow only the profit element embedded in the purchases was upheld, emphasizing the specific circumstances of the business. The Revenue's appeal was dismissed, and the outcome favored the assessee. en-us Thu, 17 Sep 2020 00:00:00 +0530 Wed, 21 Oct 2020 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399857 The ITAT upheld the partial relief granted by the Commissioner of Income Tax (Appeals) in a case concerning non-genuine purchases for the assessment year 2015-16. The ITAT found that the assessee had provided sufficient evidence to prove the genuineness of purchases essential for their construction business. The decision to disallow only the profit element embedded in the purchases was upheld, emphasizing the specific circumstances of the business. The Revenue's appeal was dismissed, and the outcome favored the assessee. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399857