https://www.taxtmi.com/caselaws?id=403425 The Tribunal set aside the CIT(A)'s order and restored the matter to the Assessing Officer for reevaluation. The assessee was given an opportunity to demonstrate the genuineness of the purchases by showing they were accounted for in sales or closing stock. If proven, the CIT(A)'s reduction of the disallowance to 4% would be upheld; otherwise, the full disallowance by the Assessing Officer would stand. The revenue's appeal was allowed for statistical purposes. en-us Mon, 14 Dec 2020 00:00:00 +0530 Fri, 29 Jan 2021 13:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403425 The Tribunal set aside the CIT(A)'s order and restored the matter to the Assessing Officer for reevaluation. The assessee was given an opportunity to demonstrate the genuineness of the purchases by showing they were accounted for in sales or closing stock. If proven, the CIT(A)'s reduction of the disallowance to 4% would be upheld; otherwise, the full disallowance by the Assessing Officer would stand. The revenue's appeal was allowed for statistical purposes. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403425