https://www.taxtmi.com/caselaws?id=404833 The appeal was partially allowed, with the disallowance rate reduced to 5% of the alleged non genuine purchases. The Appellate Tribunal found that while conclusive documentary evidence was lacking, the sales made were not in question, leading to the disallowance being considered as representing only the profit element. Considering industry norms and profit rates, the 5% disallowance rate was deemed fair and reasonable, directing the Assessing Officer to adjust the disallowance accordingly. en-us Thu, 25 Feb 2021 00:00:00 +0530 Fri, 05 Mar 2021 09:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404833 The appeal was partially allowed, with the disallowance rate reduced to 5% of the alleged non genuine purchases. The Appellate Tribunal found that while conclusive documentary evidence was lacking, the sales made were not in question, leading to the disallowance being considered as representing only the profit element. Considering industry norms and profit rates, the 5% disallowance rate was deemed fair and reasonable, directing the Assessing Officer to adjust the disallowance accordingly. Case-Laws Income Tax Thu, 25 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404833