https://www.taxtmi.com/caselaws?id=402820 The High Court overturned the tribunal's decision to partially allow the appeal and restrict the disallowance of purchases to 20%, emphasizing the burden on the assessee to prove the genuineness of transactions. The court found errors in the tribunal's assessment, highlighting discrepancies in supplier existence, lack of evidence, and irregularities in transaction details. The court stressed the importance of proving the legitimacy of expenditures under Section 37 of the Income Tax Act and remitted the matter for a fresh decision, underscoring the significance of establishing transaction genuineness and upholding the burden of proof on the assessee. en-us Mon, 04 Jan 2021 00:00:00 +0530 Sat, 20 Feb 2021 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402820 The High Court overturned the tribunal's decision to partially allow the appeal and restrict the disallowance of purchases to 20%, emphasizing the burden on the assessee to prove the genuineness of transactions. The court found errors in the tribunal's assessment, highlighting discrepancies in supplier existence, lack of evidence, and irregularities in transaction details. The court stressed the importance of proving the legitimacy of expenditures under Section 37 of the Income Tax Act and remitted the matter for a fresh decision, underscoring the significance of establishing transaction genuineness and upholding the burden of proof on the assessee. Case-Laws Income Tax Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402820