https://www.taxtmi.com/caselaws?id=400501 The appeals by the Revenue against the disallowance of purchases as non-genuine were dismissed. The Commissioner of Income Tax (Appeals) limited the disallowance to 5% of the total amount for the assessment years 2010-11 and 2011-12. The Judicial Member upheld this decision, emphasizing the significance of documentary evidence and legal precedents in assessing transaction genuineness. The judgment highlighted the need for substantial evidence before deeming purchases non-genuine, supporting the Commissioner's reasoning and evidentiary evaluation. en-us Tue, 29 Sep 2020 00:00:00 +0530 Mon, 09 Nov 2020 13:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400501 The appeals by the Revenue against the disallowance of purchases as non-genuine were dismissed. The Commissioner of Income Tax (Appeals) limited the disallowance to 5% of the total amount for the assessment years 2010-11 and 2011-12. The Judicial Member upheld this decision, emphasizing the significance of documentary evidence and legal precedents in assessing transaction genuineness. The judgment highlighted the need for substantial evidence before deeming purchases non-genuine, supporting the Commissioner's reasoning and evidentiary evaluation. Case-Laws Income Tax Tue, 29 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400501