https://www.taxtmi.com/caselaws?id=400942 The ITAT upheld the Ld.CIT(A)'s decision to restrict the disallowance to 12.5% of non-genuine purchases made by the assessee engaged in trading industrial tools for A.Y. 2011-12. The revenue's appeal was dismissed, affirming the Ld.CIT(A)'s order based on insufficient evidence provided by the appellant to prove the genuineness of purchases, as well as suspicious circumstances surrounding the transactions. The decision aligned with the precedent set by the Hon'ble Gujarat High Court in a similar case, resulting in the rejection of the revenue's appeals. en-us Fri, 23 Oct 2020 00:00:00 +0530 Mon, 23 Nov 2020 14:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400942 The ITAT upheld the Ld.CIT(A)'s decision to restrict the disallowance to 12.5% of non-genuine purchases made by the assessee engaged in trading industrial tools for A.Y. 2011-12. The revenue's appeal was dismissed, affirming the Ld.CIT(A)'s order based on insufficient evidence provided by the appellant to prove the genuineness of purchases, as well as suspicious circumstances surrounding the transactions. The decision aligned with the precedent set by the Hon'ble Gujarat High Court in a similar case, resulting in the rejection of the revenue's appeals. Case-Laws Income Tax Fri, 23 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400942