https://www.taxtmi.com/caselaws?id=404515 The Revenue's appeal against the CIT(A) order restricting the disallowance of purchases to 12.5% was dismissed. The case centered on non-genuine purchases by an assessee trading plastic bags who failed to file income tax returns. The CIT(A) emphasized the burden of proof on the appellant to establish transaction genuineness beyond payment methods. Citing legal precedents, the decision upheld taxing only the profit element in purchases. The Judicial Member found no fault in the CIT(A) order, affirming the 12.5% disallowance restriction. en-us Tue, 19 Jan 2021 00:00:00 +0530 Thu, 25 Feb 2021 09:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404515 The Revenue's appeal against the CIT(A) order restricting the disallowance of purchases to 12.5% was dismissed. The case centered on non-genuine purchases by an assessee trading plastic bags who failed to file income tax returns. The CIT(A) emphasized the burden of proof on the appellant to establish transaction genuineness beyond payment methods. Citing legal precedents, the decision upheld taxing only the profit element in purchases. The Judicial Member found no fault in the CIT(A) order, affirming the 12.5% disallowance restriction. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404515