https://www.taxtmi.com/caselaws?id=403864 The appeals challenged disallowances on non-genuine purchases for assessment years 2010-11 and 2011-12. The Tribunal upheld a 4% disallowance on non-genuine purchases, considering industry norms and declared profit rates. The challenges to the assessment reopening and interest levy were dismissed. The decision underscores the need to substantiate purchase authenticity and the Tribunal's discretion in determining disallowance percentages based on industry standards. It emphasizes the importance of maintaining comprehensive documentation and adhering to legal procedures during assessments. en-us Thu, 28 Jan 2021 00:00:00 +0530 Wed, 10 Feb 2021 09:32:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403864 The appeals challenged disallowances on non-genuine purchases for assessment years 2010-11 and 2011-12. The Tribunal upheld a 4% disallowance on non-genuine purchases, considering industry norms and declared profit rates. The challenges to the assessment reopening and interest levy were dismissed. The decision underscores the need to substantiate purchase authenticity and the Tribunal's discretion in determining disallowance percentages based on industry standards. It emphasizes the importance of maintaining comprehensive documentation and adhering to legal procedures during assessments. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403864