https://www.taxtmi.com/caselaws?id=295438 The ITAT Mumbai ruled in favor of the appellant, deleting the disallowance of Rs. 28,30,051 imposed by the CIT(A). The case involved disputes over the treatment of purchases from unregistered dealers, non-appearance of parties in response to summons, and reconciliation of quantity in opening balance. The appellant provided detailed records and explanations, including ledger confirmations and quantitative tally, to support the legitimacy of transactions. The ITAT Mumbai found the AO's estimation of profit unsubstantiated and emphasized the importance of substantiated assessments in income tax proceedings. en-us Wed, 16 May 2018 00:00:00 +0530 Fri, 04 Jun 2021 08:23:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295438 The ITAT Mumbai ruled in favor of the appellant, deleting the disallowance of Rs. 28,30,051 imposed by the CIT(A). The case involved disputes over the treatment of purchases from unregistered dealers, non-appearance of parties in response to summons, and reconciliation of quantity in opening balance. The appellant provided detailed records and explanations, including ledger confirmations and quantitative tally, to support the legitimacy of transactions. The ITAT Mumbai found the AO's estimation of profit unsubstantiated and emphasized the importance of substantiated assessments in income tax proceedings. Case-Laws Income Tax Wed, 16 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295438